Docstoc Legal Agreements
This Partnership Agreement is a written document that explicitly details the relationship
between the business partners and their individual obligations and contributions to the
partnership. The agreement states the nature of the business, the partners' capital
contributions and the management duties and restrictions of each partner. It contains many
of the standard provisions that are commonly included in partnership agreements, and may
be customized to address the specific needs of the partners. This document should be
used when forming a partnership located in Maryland.
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THIS PARTNERSHIP AGREEMENT (hereinafter “Partnership”) is made as of ____ [Month]
____ [Date], 20____, by and between ___________________ [Instruction: Insert the name of
1st party], residing at _______________________ [Instruction: Insert the address of 1st
party], ________________________ [Instruction: Insert the County],
________________________ [Instruction: Insert the State] and ___________________
[Instruction: Insert name of 2nd party], residing at _________________________
[Instruction: Insert address of 2nd party], ________________________ [Instruction: Insert
the County],. ________________________ [Instruction: Insert the State]. Both the parties
may individually be referred to as “Partner”, or, collectively as “Partners”.
1. Nature of Business.
The Partners listed above hereby agree that they shall be considered Partners in business for
the following purpose:
[Instruction: Insert the nature/purpose of business to be conducted.]
The Partnership shall be conducted under the name of ________________________
[Instruction: Insert the name under which the Partnership shall be conducted] and shall
maintain offices at:
[Instruction: Insert the address of the principal office where the business shall be
conducted along with City, State, and Zip.]
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 ________ ($___)
[◊ Twenty thousand dollars ($20,000)] without the prior written consent of each Partner.
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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:
Serial Name Of Capital Agreed % Share
Contribution Upon Cash
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:
a) have his share of Partnership profits then due and payable applied instead to his capital
b) pay any deficiency to the Partnership if his share of Partnership profits is not yet due and
payable or, if it is, hi