Partnership Agreement Partnership Agreement THIS PARTNERSHIP AGREEMENT is

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Partnership Agreement Partnership Agreement THIS PARTNERSHIP AGREEMENT is Powered By Docstoc
					Partnership Agreement
THIS PARTNERSHIP AGREEMENT is made this 15 day of nov, ____, by and between the following
individuals:

                                                    Address: 5135 CATHARINE ST
       MARIA RENEE IRVIN                            City/State/ZIP:PHILA PA 19143

                                                    Address: 1828 BAINBRIDGE ST
       MITCHELL RICARDO EPPS JR                     City/State/ZIP:PHILADELPHIA, PA 19146


1. Nature of Business. The partners listed above hereby agree that they shall be considered partners in business
for the following purpose:
DAYCARE CENTER

2. Name. The partnership shall be conducted under the name of KIDDIE CITY DAY CARE CENTER and shall
maintain offices at 5029 BAILTIMORE AVE, PHILADELPHIA, PA 19143.

3. Day-To-Day Operation. The partners shall provide their full-time services and best efforts on behalf of the
partnership. No partner shall receive a salary for services rendered to the partnership. Each partner shall have
equal rights to manage and control the partnership and its business. Should there be differences between the
partners concerning ordinary business matters, a decision shall be made by unanimous vote. It is understood that
the partners may elect one of the partners to conduct the day-to-day business of the partnership; however, no
partner shall be able to bind the partnership by act or contract to any liability exceeding without the prior written
consent of each partner.

4. Capital Contribution. The capital contribution of each partner to the partnership shall consist of the following
   property, services, or cash which each partner agrees to contribute:

   Name Of Partner               Capital              Agreed-Upon Cash               % Share
                              Contribution
 MARIA RENEE               $5000.00                  $5000.00                 50%
 IRVIN
 MITCHELL                  $5000.00                  $5000.00                 50%
 RICARDO EPPS JR

The partnership shall maintain a capital account record for each partner; should any partner's capital account fall
below the agreed to amount, then that partner shall (1) have his share of partnership profits then due and payable
applied instead to his capital account; and (2) pay any deficiency to the partnership if his share of partnership
profits is not yet due and payable or, if it is, his share is insufficient to cancel the deficiency.

5. Profits and Losses. The profits and losses of the partnership shall be divided by the partners according to a
mutually agreeable schedule and at the end of each calendar year according to the proportions listed above.

6. Term/Termination. The term of this Agreement shall be for a period of 10 years, unless the partners mutually
agree in writing to a shorter period. Should the partnership be terminated by unanimous vote, the assets and cash
of the partnership shall be used to pay all creditors, with the remaining amounts to be distributed to the partners
according to their proportionate share.

7. Disputes. This Partnership Agreement shall be governed by the laws of the State of PA. Any disputes arising
between the partners as a result of this Agreement shall be settled in a court having jurisdiction in
PHILADELPHIA, PA.
8. Withdrawal/Death of Partner. In the event a partner withdraws or retires from the partnership for any reason,
including death, the remaining partners may continue to operate the partnership using the same name. A
withdrawing partner shall be obligated to give sixty (60) days' prior written notice of his/her intention to withdraw
or retire and shall be obligated to sell his/her interest in the partnership. No partner shall transfer interest in the
partnership to any other party without the written consent of the remaining partner(s). The remaining partner(s)
shall pay the withdrawing or retiring partner, or to the legal representative of the deceased or disabled partner, the
value of his interest in the partnership, or (a) the sum of his capital account, (b) any unpaid loans due him, (c) his
proportionate share of accrued net profits remaining undistributed in his capital account, and (d) his interest in any
prior agreed appreciation in the value of the partnership property over its book value. No value for good will shall
be included in determining the value of the partner's interest.

9. Non-Compete Agreement. A partner who retires or withdraws from the partnership shall not directly or
indirectly engage in a business which is or which would be competitive with the existing or then anticipated
business of the partnership for a period of NA years, in those NA of this State where the partnership is currently
doing or planning to do business.

IN WITNESS WHEREOF, the partners have duly executed this Agreement on the day and year set forth
hereinabove.


                                 _______________________             _______________________
                                 Partner                             Partner
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Description: This is an example of a partnership agreement. Be sure to consult an attorney before finalizing this form as your business partnership contract.
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