Fill and Sign the Partnership Agreement Sample Template Word and PDF Form

ARTICLES OF PARTNERSHIP OF ______ This Partnership Agreement made and entered into on this the ______ day of ______, ______, by and between __________________ and __________________, both of __________________ County, Mississippi, and hereinafter referred to as “Partners.” WHEREAS, Partners desire to join together in the operation of a general business of buying, selling, leasing as Lessor and as Lessee, and the otherwise handling of commercial and private properties, both real property and personal property, under the name of __________________. NOW, THEREFORE, in consideration of the mutual promises contained herein, Partners agree as follows: ARTICLE I: The name of the Partnership shall be __________________ . The Partnership shall be conducted for the purpose of buying, selling, leasing as Lessor and as Lessee, and the otherwise handling and dealing in commercial and private properties, both real property and personal property. The principal place of business of said Partnership shall be __________________, __________________, __________________, Mississippi _____, unless relocated by consent of said parties. ARTICLE II: The term of this Agreement shall be for a period of twenty-five years, commencing on the date of this Agreement, unless sooner terminated by mutual consent of said Partners or by operation of law or by the provisions of this Agreement. ARTICLE III: Each Partner shall apply all his experience, training and ability in the operation of the Partnership and in the performance of all work that might be necessary or advantageous to further the business interest of the Partnership. ARTICLE IV: All assets of said business shall be owned one-half by each said Partner. Each Partner shall share equally in all profits derived from said operation of said business and each Partner shall be equally responsible for payment of all indebtednesses and obligations of said business. ARTICLE V: Compensation of each Partner other than distribution of net profits of the business, whether said compensation shall be by salary, commission or otherwise, shall be determined by mutual consent of said Partners. ARTICLE VI: Neither Partner shall have authority to transfer his interest in said Partnership to anyone other than the other Partner without the written consent of the other Partner. In the event either Partner shall desire to retire from the Partnership, he shall give two months’ notice in writing to the other Partner, and the other Partner shall pay the retiring Partner at the termination of the two months’ notice the value of the interest of the retiring Partner in the Partnership. The value of the interest of the retiring Partner shall be the book value of the tangible assets of said business as carried on the books of said business. In the event either Partner should die during the term of this Partnership, the interest of said deceased Partner in said business shall be sold to the surviving Partner for the value of the interest of the deceased Partner in the Partnership. The value of the interest of the deceased Partner shall be determined in the same manner as determining the value of the interest of a retiring Partner in the Partnership. In the event that the other Partner does not desire to purchase the interest in said Partnership of the retiring Partner or the deceased Partner, the Partnership shall terminate, and said Partnership assets shall be liquidated and all proceeds received from said liquidation shall be paid one-half to each Partner or the appropriate representative of the estate of a deceased Partner. ARTICLE VII: In the operation of said Partnership, each Partner shall be a General Partner and shall be vested with full authority and power to execute all contracts and agreements for and on behalf of said Partnership including mortgaging or pledging the assets of said corporation and thereby binding the said assets of the Corporation. ARTICLE VIII: In the event a Partner is deceased, the representative of said deceased Partner shall have the rights of said deceased Partner. ARTICLE IX: This Agreement supersedes all prior Partnership Agreements between the parties hereto. IN WITNESS WHEREOF, the parties hereto have executed this Partnership Agreement at __________________, Mississippi, on the day and in the year first above written. ____________________________________.