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Tailoring Business Agreement

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Tailoring Business Agreement Powered By Docstoc
					This is an agreement that establishes a partnership for a tailoring business.
Partnerships are easy to setup and provide excellent tax benefits, but each partner is
held individually liable for the debts and obligations of the partnership. This agreement
provides the name of each partner and the percentage of ownership they have in the
business. This document contains numerous standard provisions that are commonly
included in these types of agreements, and may be customized to fit the specific needs
of the contracting parties. This agreement can be used by individuals that want to
create a small business partnership for a tailoring service.
                  Tailoring Business Partnership Agreement
This partnership agreement ("Agreement") is made this ______ day of __________, 2_____
[Instruction: Insert Date] (the “Effective Date”), by and between, by and between the
following, who shall be individually and collectively referred to in this Agreement as “Partners.”

NAME                                       ADDRESS

___________ [Instruction: Insert ___________ [Instruction: Insert Address
Name]
___________ [Instruction: Insert ___________ [Instruction: Insert Address
Name]
___________ [Instruction: Insert ___________ [Instruction: Insert Address
Name]

1. NAME AND BUSINESS

The Partners hereby associate themselves together as partners and hereby form a partnership
under the name and style of _________ [Instruction: Insert Partnership Name] (the
“Partnership”) for the purpose of carrying on a tailoring business and shall have the power to do all
acts in furtherance of the Partnership business.

2. TERM

The Partnership shall commence on _______________________ [Instruction: Insert
Commencement Date] and shall continue until dissolved by agreement of the Partners or
terminated under the provisions of this Agreement.

3. PLACE OF BUSINESS

The Partnership's principal place of business shall be at __________________ [Instruction:
Insert Address]. The Partnership shall maintain any other place or places of business agreed
upon by the Partners.

4. INITIAL CONTIBUTION

The Partnership shall establish a checking account at __________________ Bank [Instruction:
Insert Bank Name], _________________ [Instruction: Insert Bank Address] (the Partnership
Checking Account”). The Partnership’s initial capital shall be _________ Dollars ($______)
[Instruction: Insert Amount].Each Partner shall contribute toward the initial capital by
depositing the following amounts in the Partnership Checking Account, on or before
_________________ [Instruction: Insert Date]:

NAME                                       CONTRIBUTION

___________ [Instruction: Insert $___________ [Instruction: Insert Contribution]

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Name]
___________ [Instruction: Insert $___________ [Instruction: Insert Contribution]
Name]
___________ [Instruction: Insert $___________ [Instruction: Insert Contribution]
Name]

5. CAPITAL WITHDRAWALS

No Partner shall withdraw any portion of the Partnership capital without the other Partner's
express written consent.

6. PROFITS AND LOSSES

The Partners shall share Partnership net profits and shall bear Partnership losses as follows:

NAME                                       PERCENTAGE OF PROFITS AND LOSSES

___________ [Instruction: Insert _______% [Instruction: Insert Percentage]
Name]
___________ [Instruction: Insert _______% [Instruction: Insert Percentage]
Name]
___________ [Instruction: Insert _______% [Instruction: Insert Percentage]
Name]

The Partnership shall provide quarterly accountings of the Partnership affairs within forty five
(45) days following the close of each applicable calendar quarter. At the time of each
accounting, the net profits of the Partnership, as determined by generally accepted accounting
principles, shall be distributed to the Partners.

7. BOOKKEEPING

Partnership books of account shall be accurately kept and shall include records of all Partnership
income, expenses, assets, and liabilities. Each Partner shall have the right to inspect the
Partnership books at any time. The Partnership's fiscal year shall end on December 31 of each year.

8. TIME DEVOTED TO THE PARTNERSHIP

Each of the Partners shall be employed by and work for the Partnership Monday through Friday
from the hours of _________ a.m. [Instruction: Insert Time] to _________ p.m. [Instruction:
Insert Time], [Instruction: if applicable, Insert: and Saturday and Sunday from the hours of
_________ a.m. [Instruction: Insert Time] to _________ p.m. [Instruction: Insert Time]],
with one hour each day for lunch.

9. PARTNER’S SALARIES

As compensation for services in the Partnership business, each Partner shall be entitled to a
salary of _____________ Dollars ($_______) [Instruction: Insert Salary] per week. The

© Copyright 2011 Docstoc Inc.                                                                    3
Partnership shall deduct the Partners' salaries as ordinary business expenses prior to computing
net profits. A Partner's salary may be increased or reduced at any time
				
DOCUMENT INFO
Description: This is an agreement that establishes a partnership for a tailoring business. Partnerships are easy to setup and provide excellent tax benefits, but each partner is held individually liable for the debts and obligations of the partnership. This agreement provides the name of each partner and the percentage of ownership they have in the business. This document contains numerous standard provisions that are commonly included in these types of agreements, and may be customized to fit the specific needs of the contracting parties. This agreement can be used by individuals that want to create a small business partnership for a tailoring service.