Husband and Wife Family Partnership
Partnership agreement made this the (date), between (Name of Husband), hereinafter
called Husband, and (Name of Wife), the Wife of Husband, and hereinafter called Wife,
both of (street address, city, state, zip code), and collectively the Partners.
1. Name, Purpose, and Principal Place of Business. The name of the
Partnership shall be (Name of Partnership), and it shall be established for the purpose
of conducting the business of (describe business). The principal place of business will
be located at (street address, city, state, zip code). The place of business may be
changed at any time by consent of the Partners.
2. Duration. The Partnership shall commence on (date), and shall continue until
terminated or dissolved pursuant to the provisions of this Agreement.
3. Capital. Husband shall contribute $_____________ and Wife shall contribute
$_____________ to the capital of the Partnership. The contributions shall be made prior
to commencement of the business of Partnership, and shall be deposited in a
Partnership capital account, to be maintained in (Name of Bank), at (street address,
city, state, zip code).
4. Interest. Neither Partner shall be entitled to receive any interest earned by the
capital account. All interest earned shall be credited to the capital account.
5. Profits and Losses. The annual net profits or losses of the Partnership shall be
paid to or assessed against each Partner in direct proportion to that Partner's capital
contribution to the Partnership. The annual distribution of profits and losses shall be
made within (number) days of the close of the fiscal year of Partnership.
6. Salaries. Husband shall be entitled to a monthly salary of $_______ and Wife to
$_______. The salaries shall be paid by the Partnership at the conclusion of each
month, provided the necessary funds are available after paying all of the expenses of
the Partnership. If the funds for the payment of total salaries are not available, Partners
shall receive a proportionate amount of their monthly salary, depending on the funds
presently available for salary purposes. Any deficiency in monthly salary shall be paid
by the Partnership during the first succeeding month in which necessary funds are
available. The salaries of Partner shall be considered a business expense of
Partnership, and the full annual salary owed to each Partner shall be paid before there
is any distribution of net profits or losses.
7. Duties and Restrictions. Husband shall have the right to manage and conduct