Free California Partnership Agreement

IN CONSIDERATION OF and as a condition of the Partners entering into this Agreement and other valuable consideration, the receipt and sufficiency of which consideration is acknowledged, the parties to this Agreement agree as follows:

Place of Business

Withdrawal of Capital

Interest on Capital

Profit and Loss

Compensation for Services Rendered

Books of Account

1. a statement of all information as will be necessary for the preparation of each Partner's income or other tax returns;
   
2. a copy of the Partnership's federal income tax returns for that fiscal year;
   
3. a breakdown of the profit and loss attributable to each Partner; and
   
4. any additional information that the Partners may require.
   

Banking and Partnership Funds

Contract Binding Authority

Admitting a New Partner

Voluntary Withdrawal of a Partner

Involuntary Withdrawal of a Partner

Dissociation of a Partner

Distribution of Property on Dissolution of Partnership

1. in satisfaction of liabilities to creditors except Partnership obligations to current Partners;
   
2. in satisfaction of Partnership debt obligations to current Partners; and then
   
3. to the Partners according to the Dissolution Distribution described above.
   

Valuation of Interest

Title to Partnership Property

Duty of Loyalty

Duty of Accountability for Private Profits

Duty to Devote Time

1. "Additional Capital Contributions" means Capital Contributions, other than Initial Capital Contributions, made by Partners to the Partnership.
   
2. "Capital Contribution" means the total amount of cash or Property contributed to the Partnership by any one Partner.
   
3. "Dissociated Partner" means any Partner who is removed from the Partnership through a voluntary or involuntary withdrawal as provided in this Agreement.
   
4. "Expulsion of a Partner" can occur on application by the Partnership or another Partner, where it has been determined that the Partner:
   
   1. Has engaged in wrongful conduct that adversely and materially affected the Partnership's business;
      
   2. Has willfully or persistently committed a material breach of this Agreement or of a duty owed to the Partnership or to the other Partners; or
      
   3. Has engaged in conduct relating to the Partnership's business that makes it not reasonably practicable to carry on the business with the Partner.
      

   IN WITNESS WHEREOF the Partners have duly affixed their signatures under hand and seal on this 3rd day of _____________ .

   SIGNED, SEALED, AND DELIVERED

   in the presence of:

   Witness Name: ____________________________

   Witness Name: ____________________________

   California Partnership Agreement

   A Partnership Agreement is also known as:

   • • General Partnership Agreement
     • Business Partnership Agreement
     • Partnership Contract

     When entering into any type of business relationship with another person/organization, it is advised that you create a Business Partnership Agreement to include the terms of your partnership. A California Partnership Agreement is a written, legally binding document that outlines the roles and relationships of the partners to each other and to the business venture.

     Free California Partnership Agreement Ready in Minutes

     Our Partnership Agreement Template is straightforward. Simply fill in the information above to begin and your free Partnership Agreement will be ready in minutes to download, print and email. You need only your signatures to make the Agreement valid. No notarization and no witnesses are required.

     Information Contained in a Partnership Agreement

     Specifics of a Partnership Contract include who, what, why, when, where, how and the “what-ifs” of your partnership venture.

     • • Names/Contact information of partners
       • d/b/a name of partnership and where it will do business
       • Beginning date of partnership. (The partnership can be open-ended, or it can have a set end date)
       • Cash and capital contributions of the partners This includes the Initial capital contributions to start the business, whether partners are entitled to interest on their capital contributions, how capital accounts will be managed, under what circumstances, if any, are partners required to make additional contributions and/or allowed to withdraw capital contributions, and how any of this affects partnership interests.
       • Accounting method and distribution of profits and losses to the partners, including who will be in charge of maintaining the accounting books and records
       • Naming of a Managing Partner for day-to-day management of the business and a Tax Matters Partner who will represent the partnership to the IRS
       • Voting rights of the partners, which aspects call for voting and which do not, along with vote tally required for various decisions
       • Dispute resolution clause that compels a third-party mediator/arbitrator to resolve disputes that cannot be resolved in-house
       • Dissolution of partnership. The Partnership Agreement must outline the conditions for dissolution of the partnership, such as a willful breach of contract by a partner, written contract to dissolve the partnership, insolvency orders under state laws, or death of a partner.

       Our site helps you create a California Partnership Agreement. We offer free on-line templates and Partnership Agreement samples that make it easy. Simply fill in the information above to get started.

       Whether you live in Los Angeles, San Diego, San Jose, San Francisco, Fresno, Sacramento, Long Beach, Oakland, Bakersfield or any other city in California, you can easily create a Business Partnership Agreement above.

       Sample California Partnership Agreement