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A general partnership is similar to doing business as a sole proprietor, except you have partners to share the losses and gains. You are exposed to the same liabilities that you would be if you were a solo proprietor. Our agreement includes all of the provisions that you need such as a provision that deals with the a death of a partner, and provisions for dissolution of the partnership.
This is a general partnership agreement, a form that documents the agreement between partners to operate a business. The partnership agreement documents the amount of capital that each partner contributes, the method to be used to allocate profits and losses from the business, and the method used to distribute the assets should the business be dissolved.
When completing this document, it is wise to begin by compiling for each partner their capital contribution, the number of shares of the partnership they will hold, the percent of the profits that they shall receive, and the percent of the assets they shall receive if the partnership dissolves.
The form also contains questions concerning the name of the partnership, the purposes of the partnership, and key operational dates. It contains questions about the governance of the partnership, and it also contains a section for a Notary Public to complete when the partners execute the agreement.
It is advisable to keep the purposes of a partnership as general as possible. It is not necessary for a partnership to file the agreement with any state agency; however, each partner should have an executed copy of the agreement.
