Partnership refers to the act when two or more entities decide to begin a business or any other venture together. Whenever two or more business entities/ individuals begin a new venture in partnership, the arrangement they make is recorded by the way of a partnership contract agreement. The agreement records all the details relevant in the particular arrangement, for legal and other regulatory purposes. The following document is a sample agreement where two individuals are entering a business partnership with each other.
Sample Partnership Contract Agreement
This partnership contract agreement has been made for and is being held between Mr. Henry Jones (to be referred to as 1st party) and Mr. Jacob Romero (to be referred to as 2nd party) on the date of signing mentioned.
Date of signing the contract: 26th June 2013
The statement of the agreement certifies that the above mentioned parties are starting a business in partnership. The details of the said business and the terms of the partnership are also given in this document.
Details of 1st Party:
Name: Mr. Henry Jones
Address: 436, 3rd Street, Beverly Hills, Los Angeles, USA.
Email Address: firstname.lastname@example.org
Contact No.: 21168979
Details of 2nd Party:
Name: Mr. Jacob Romero
Contact Address: 487, Panes Street, Beverly Hills, Los Angeles, USA.
Email Address: email@example.com
Contact No.: 21158062
Details of the business:
Name: Jones & Romero Co. Ltd.
Description: A law firm to provide lawyers and other legal services.
Location: 732, 15th floor, Harry James Centre, Beverly Hills, Los Angeles, USA.
Terms and Conditions:
22. The partners will hold the position of co- owners in the business. They have made equal equity investments.
23. The profits from the business are to be divided between the partners in equal proportions.
24. All the business decisions must be made in agreement by both partners.
Mr. Henry Jones Mr. Jacob Romero