Free Partnership Agreement Templates

We are going to share with you Free Partnership Agreement Templates to help you in drafting your very own Partnership Agreement. You can also check out our collection of Loan Agreement Templates as an alternative.

In this agreement, the partners should identify their individual partnership agreement responsibilities. Each partner should determine what they individually own and what they have responsibilities for. An individual partner may have joint ownership interests, while others will have article vi partners and others will own none.

After determining the responsibilities, the partners should discuss their individual day-to-day responsibilities. Each partner should document their responsibilities in detail, including what they have the right to do, who has the authority to do it, when it must be done, and who the right person is to contact for instructions. All of these issues should be documented in a legal journal kept by the partners. Once all of the documentation has been done, the partners should agree on a schedule for reporting and allocating funds. This schedule should be agreed upon before the schedule is to be set in stone.

If an article VII partnership agreement is being prepared, each partner should provide information about their own interests. All information provided should be in writing and each partner should sign the agreement on their own. They should also include clauses about how any monies received will be divided among them. Any information about debts, duties, and expectations that were not previously discussed between the partners should be recorded in the final document.

Free Partnership Agreement Templates

When it comes to creating printable partnership agreement templates, there are a number of options available to help you out. One of them is that you can check our Free collection of Partnership Agreement Templates. You can easily download one of your needs and can customize it according to your requirements.

You can get this Partnership Agreement Template by clicking on this download button.

Important Elements to add to the Partnership Agreement

Selling of Shares:

The agreement should have a section for explaining the process of selling the shares by one or more partners. This will include the criteria of selling the shares and including a new partner in the company with the bought shares.

Veto Power:

The veto section is one of the most important sections in the shareholders’ agreement and this section explains the power of each shareholder to veto a decision or suggest his own thoughts.

50/50 Situation:

It is possible that when there are two shareholders with equal shares, they can face a situation in which they won’t agree with each other. This can result in a deadlock which will prevent the company from operations. It is important to include the solution for such a situation.

Non-compete Clause:

The agreement should have a clause for all the shareholders that if they decide to get out of the partnership, they won’t start their own company because of the non-competing clause in the agreement that is applicable to all the shareholders including minority and majority share owners.

Additional Issues:

It is possible that the agreement needs to have other issues addressed in it so if there is anything that isn’t enlisted above; you have added those issues in the additional section.

Crucial factors to consider for this Agreement

Enlist the issues to include in the agreement:
First of all, you need to have a list of the issues or problems that are very important to add to the agreement. This way you can discuss these elements or problems with the shareholders and then you can decide which ones you want to add to the agreement and which ones are not necessary to include in the contract.
Define the interest of all shareholders:
Profit is not the only thing the shareholders invest in a company for there are dozens of other reasons too. You need to have a meeting with shareholders and ask them what their interests are to invest in the company. Then you need to mention these interests in the agreement.
Define the person with decision-making power:
It depends on each organization and partnership that either the shareholders make the decision together or they select a director who makes all the decisions. In the agreement, it is really important to mention the person who will make all the decisions without any questions from shareholders.
Define the voting power of the shareholders:
In the agreement, you need to mention who has the most voting power and what the criteria are for deciding. Generally, the person with majority shares is the one who makes the decisions and has the voting power but each company and shareholders can have their own conditions with mutual agreement.