A general partnership contract is a document which is created when a partnership business is formed. A partnership business involves two or more individuals or organizations entering into a contract to provide service.
Sample General Partnership Contract:
This contract has been created between Roger Good, partner party 1 and Ron Howard, partner party 2 to form a partnership business under the brand name Howard Goods Ltd to manufacture junk jewelries with the office address located at 8974 Neo Street, Matrix City, New Jersey 4587. The contract has been drafted keeping in mind the state laws of New Jersey.
There are few terms and conditions which both the partner parties need to abide by:
- Bothe the parties need to bring in equal amount of capital for the business. The profit and loss sharing ratio will also be equally divided with each party having a share of 50%.
- In case there are any expenses borne by either of the parties towards the infrastructure of the company, the other party has to compensate fifty percent of the amount spent.
- In case the business gets dissolved, both the parties have to first pay off the outstanding dues and then will receive the amount retrieve from sell of the assets.
- If either of the partner is found committing fraud, the other partner has the authority to terminate the partnership contract.
Thus, as evidence that both the parties have agreed to the terms and condition their signatures are affixed below:
Roger Good Ron Howard
Dated: 20th November, 2010 Dated: 20th November, 2010