A Legal partnership contract, as the name depicts, is based on legal term & conditions to commence a small to huge business partnership. The standard business rules and termination clauses are the main attributes of such a contract.
Sample Legal Partnership Contract:
Partnership contract: LP/ 23
This partnership contract is created and entered on December 24th, 2010 between Mr. Jack Turner, Permanently located: office no: 2, Spencer Society Cathedral Road, Ottawa, Canada, hereinafter called as the partner 1.
Ms. Cathy Graham, official address: office No: 3, 6th floor, Rose Plaza, Salt Lake Town, Ottawa, Canada, hereinafter referred as partner 2.
Partner 1 and Partner 2 are interested in a joint venture in their business, and they are declaring their legal partnership.
This contract is starting on December 26th, 2010 and is terminating on December 26th, 2011.
Legitimate term & conditions for this contract are as following:
Both the partners will participate in investments, profits and losses together. Following mentioned official affairs are handled by the both:
- Recruitment of any staff required
- Management related decisions
- Accounting examination & finance statements
- Transaction dealings with any external party
Both partners will be responsible for patenting the legitimate rights for commencing the business. Economic rights and social privileges of partnership for both the partners are mandatory.
Termination of the business can take place in underneath mentioned cases:
- Death of any of the partners
- Any partner willing to end the partnership
- Co-partner wrongfully uses the rights and causing a violation to the above mentioned clauses.
Acceptance of the legal partnership contract:
Signature of the Partner 1:
Signature of the partner 2: