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What is a General Partnership Agreement?
A General Partnership Agreement is an essential contract between two or several individuals that determines the general aspects of the partnership. This document is necessary to clarify the interests of each of them as a partner and establish their role in the business. It also indicates the initial contributions of partners as well as procedures for sharing transactions and exit from the partnership.
What I need the General Partnership Agreement for?
The General Partnership Agreement offers the partners the flexibility to structure their business as they see it. This form provides faster and more decisive management compared to corporations that often have to overcome various levels of bureaucracy and red tape, which complicates and slows down the implementation of new ideas.
Filling out the General Partnership Agreement
Provide the following information to complete the form:
- Type of business;
- Name of partnership;
- Term of partnership;
- Place of business;
- Initial capital;
- Withdrawal of capital;
- Profits and losses;
- Partnership books;
- Fiscal year;
- Time devoted to partnership;
- Management and authority;
- Net profits;
- Withdrawal of a partner;
- The option of purchasing terminated interest;
- Purchase price of the partnership interest;
- Agreement on buying or selling in case of the death of a partner;
- Duties of purchasing partner;
- Consents and agreement;
- Sole Agreement.
Organizations that work with General Partnership Agreement
Secretary of State offices
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