Fill and Sign the Louisiana Partners Form

PARTNERSHIP AGREEMENT UNITED STATES OF AMERICA BETWEEN [_PARTNER_1_] STATE OF LOUISIANA AND [_PARTNER_2_] PARISH OF [_PARISH_] BE IT KNOWN that on [_Date_] , before me, [_NOTARY_] , a Notary Public duly commissioned and qualified in and for aforesaid parish and state, and in the presence of the undersigned witnesses, personally came and appeared: [_PARTNER_1_] , husband of [_Wife_1_] domiciled in [_Parish_1_] , whose present mailing address is [_Address_1_] ; and [_PARTNER_2_] , husband of [_Wife_2_] domiciled in [_Parish_2_] , whose present mailing address is [_Address_2_] ; referred to jointly herein as "APPEARERS"; who do enter into the following contract of partnership: First: APPEARERS shall become and remain partners in the business of [_Business_Type_] for a term of [_Term_] from the date of this agreement, except as provided in the second paragraph below, or in the event of the death of either of the APPEARERS. Second: The partnership shall terminate at the end of any calendar year if either partner shall desire its termination and shall give not less than [_Notice_Period_] months previous notice of termination in writing to the other partner. Third: The name of the partnership shall be [_Name_] . The taxpayer identification number of the partnership is [_TIN_] . Fourth: The business of the partnership shall be carried on at [_Business_Address_] or at such other place or places as the partners shall hereafter determine. Fifth: The APPEARERS shall at all times diligently employ themselves in the business of the partnership and carry on the same to the greatest advantage of the enterprise. Sixth: Neither party shall directly or indirectly engage in any business except the business of the partnership and for the benefit of the partnership. Seventh: The capital of the partnership shall consist of the sum of [_$Capital_] of which [_$Contribution_] represents the capital contributed equally by APPEARERS and [_$Loan_] represents a loan to the partnership by [_Lending_Partner_] for which he shall be entitled to [_Interest_] per cent per annum interest and repayment from the first net profits after costs, expenses and salaries as hereinafter set forth. Eighth: All expenses of the partnership, including rent, taxes, salaries, office expenses, repairs and [_other_] shall be paid out of the capital of the partnership and the proceeds therefrom, or if insufficient, from the partners in equal shares. Ninth: Each partner shall punctually pay his separate debts and indemnify the other partner, and the capital and property of the partnership, against liability arising out of such separate debts. Tenth: The partnership shall maintain complete books of account and customary business records, and each partner shall be given access to such books and records. Eleventh: On [_Initial_Date_] , and on [_Accounting_Date_] in each succeeding year, a general accounting shall be made and taken by the partners of all sales, purchases, receipts, payments, engagements, and transactions of the partnership during the year and of all of the capital, property and liabilities of the partnership. Twelfth: No monies shall be drawn by the partners until the loan referred to in the Seventh paragraph above has been repaid. Thirteenth: APPEARERS shall share equally in the net profits of the partnership and each shall bear one-half of the losses and expenses of the partnership. Fourteenth: Each partner may withdraw monthly from the net profits of the partnership the sum of [_$Draw_] , but must account at the end of the year to the partnership to the extent that sums drawn by the partner exceed that partner's share of the net profits of the partnership for the year. Fifteenth: Each partner shall be an authorized signatory on checks issued by the partnership, and all partnership collections shall be deposited in a financial institution in the name of the partnership. Sixteenth: In the event of the death of either of the partners, the surviving partner shall continue the business under this agreement for himself and for the heirs of the deceased partner for a period of six months, during which time he shall liquidate the partnership. At the end of the six month period the surviving partner shall render a final settlement and accounting and all profits and property of the partnership shall be divided according to partnership interests. THUS SIGNED ON the date indicated above at [_City_Parish_] , Louisiana, in the presence of the undersigned Notary Public, qualified in said State and Parish, and the undersigned competent witnesses, who have signed with the parties after due reading of the whole. WITNESSES: _____________________ __________________________ [_PARTNER_1_] _____________________ __________________________ [_PARTNER_2_] __________________________ [_NOTARY_] , NOTARY PUBLIC * * * * * * * * * * PARTNERSHIP AGREEMENT : This is a model partnership agreement for an ordinary partnership of two partners, who share income and expenses equally. One of the partners lends initial capital to the partnership in addition to his equal capital contribution. See 9:3401 et seq for provisions establishing a Central Registry for Contracts of Partnership and requiring filing to affect third parties. WORD KEY : EXPLANATION : [_PARTNER_1_] Name of first partner. [_PARTNER_2_] Name of second partner. [_PARISH_] Parish of execution. [_Date_] Date of execution. [_NOTARY_] Notary before whom agreement signed. [_Wife_1_] Wife of first partner. This form assumes a partnership of two married men. For alternative appearances, see explanation Appearances - F1AAPP1. [_Parish_1_] Parish of first partner's domicile. [_Address_1_] Mailing address of first partner. [_Wife_2_] Wife of second partner. [_Parish_2_] Parish of second partner's domicile. [_Address_2_] Mailing address of second partner. [_Business_Type_] Type of business undertaken by partnership. [_Term_] Term of partnership. If partnership is continuing without term, make appropriate change. [_Notice_Period_] Notice period in months. [_Name_] Name of partnership. [_TIN_] Taxpayer identification number of the partnership. [_Business_Address_] Address at which partnership will conduct its business. [_$Capital_] Total beginning capital of partnership (with $). [_$Contribution_] Portion of beginning capital that represents capital contributions by partners (with $). [_$Loan_] Portion of beginning capital that represents loan from one partner (with $). [_Lending_Partner_] Name of partner making loan for capital. [_Interest_] Interest rate, in words, paid to lending partner. [_other_] Designate other expenses paid out of capital. [_Initial_Date_] Date of first accounting. [_Accounting_Date_] Date each year on which accounting is to be made. [_$Draw_] Amount of each partner's monthly draw (with $). [_City_Parish_] City and parish of execution.