Fill and Sign the Junior Partners Form

Partnership Agreement with Senior and Junior Partner Agreement made on the _________ day of _________ , 20 _________ , between _____________________ (Name of Senior Partner) of _________________________________________ (street address, city, county, state, zip code) , referred to herein as Partner, and _____________________ (Name of Junior Partner) of _________________________________________ (street address, city, county, state, zip code) , referred to herein as Junior Partner; For and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: I. Name of Partnership. The Partnership will be known as __________________ (Name of Partnership). II. Principal Office. The principal office of the Partnership shall be at _________________________________________ (street address, city, county, state, zip code) . The principal place of doing business may be relocated anywhere within __________________ (name of state) , with the consent of both parties. III. Duration. T his Agreement shall commence on __________________ (date) , and shall terminate on __________________ (date) , unless extended by subsequent Agreement or sooner terminated or dissolved under a provision of this Agreement. IV. Contribution. Junior Partner shall contribute $ __________________ to the Partnership on or before __________________ (date) , and that sum shall entitle Junior Partner to a ________ % interest in the Partnership. Partner shall contribute Partner's established business and clientele to the Partnership. It is stipulated between the parties that the value of Partner's contribution in the form of Partner's business shall be ________ % of the total Partnership capitalization. V. Interest on Contributions. There shall be no interest paid on the contributions made to the Partnership capital by either party. VI. Partnership Assets. All of the office equipment, implements, furnishings, and outstanding professional fees shall be assets of the Partnership and shall be retained at the place of business of the Partnership as provided in Section II. VII. Expenses. All of the expenses incurred in the operation of the business by the Partners and their employees shall be the liability of the Partnership, and all expenses shall be paid by the Partnership immediately on becoming due. VIII. Private Debts. The Partners shall punctually discharge all separate and private obligations as they become due, and shall take all necessary action to prevent private debts from in any way becoming a liability against the Partnership. Each Partner shall be personally liable for the discharge of any obligation that the Partner had originally incurred as a separate obligation, but for which the Partnership may become liable. IX. Distribution of Profits and Losses. There shall be no salary paid to either Partner by the Partnership. The Partners shall each share in a monthly distribution of profits in the following proportions: Partner shall receive ________ % of the net monthly profits and Junior Partner shall receive ________ % of the net monthly profits. Net monthly profits shall be defined as follows: __________________________ (definition) . Any loss incurred by the Partnership during any one-month period shall be immediately financed by an additional contribution from each Partner in direct proportion to their Partnership interest. X. Duties of Partners. Partner shall have all responsibility for all employee practices and policies and all office policies. Partner shall discuss all office policy matters with Junior Partner. Both Partners shall perform their professional duties and responsibilities to all clients at all times to the best of their abilities. Both Partners shall each be responsible for an equal amount of the work load. XI. Restrictions on Powers. Neither Partner shall, without the express written consent of the other Partner, (1) incur any indebtedness on behalf of the Partnership for an amount in excess of $ _____________________ ; (2) obligate the property or other assets of the Partnership; (3) act as an endorser, surety, or guarantor on any obligation of a third party; (4) enter into a contract obligating more than $ _________________ of Partnership funds; or (5) use any Partnership assets for personal use. XII. Banking. The Partnership shall maintain a Partnership bank account at _____________________ (name of bank) , located at _________________________________________ (street address, city, county, state, zip code) . All collections of any type received by either the Partnership or either Partner on behalf of the Partnership shall be deposited in this account. XIII. Records and Books. Each Partner shall be responsible for maintaining a daily time record containing client identification information, services rendered, an accurate record of the time expended, and a projected work product. These records shall be returned to accounting personnel at the end of each day for billing and filing purposes. A complete and accurate set of account books shall be maintained by accounting personnel for the Partnership. Each Partner shall be responsible to report all receipts and expenditures to the accountant. The books shall be open at all times for the inspection of either party. The fiscal year shall be from (date) to ( date) of each year. XIV. Withdrawal of Partner. A _____________________ (number) days' written notice shall be required for the withdrawal by either Partner or Junior Partner for retirement purposes, sale of Partnership interest, or change of employment status. If Junior Partner shall withdraw, Partner shall have the option to purchase the interest of Junior Partner by obtaining a valuation of the Partnership net worth, and paying Junior Partner ________ % of the Partnership net worth. If Partner shall withdraw, the Partnership shall be dissolved as specified in Section XVI. XV. Death of Either Partner. In the event of the death of either Partner, the Partnership shall continue in effect until the completion of the then current fiscal year. The Partnership will then be dissolved as provided in Section XVI, and the value of the deceased Partner's share shall be paid to that Partner's estate. XVI. Dissolution. On the dissolution of the Partnership, a valuation of the Partnership assets and liabilities shall be made, and the net worth shall be distributed to the Partners in the same proportions as provided in Section IX for distribution of profits. WITNESS our signatures as of the day and date first above stated. ________________________ _________________________ (Signature of Senior Partner) (Signature of Junior Partner) _____________________ _____________________ (P rinted Name of Senior Partner ) (P rinted Name of Junior Partner)