Partnership agreement

Introduction

A simple standard partnership agreement can be used to establish the terms of each partner’s rights and duties. The partnership agreement allows the businesses to begin and prepare a common business scenario after creating a legal agreement. The partnership agreement above has established expectations and terms of the partnership with a professional comprehensive form.

Partnership agreement

This agreement was made on the day of 22^nd  November, 2017 between Truck transporters P.O BOX, 234-7908 New York and Shark transporters P.O BOX,  234-7826 New York.

Name and Business

The partners have thereby formed a partnership for an agreement under the name of Modern transporters to carryout  business of delivering Fresh fast foods.

Term

The agreement begins on the 22^nd day of December, 2017 and continues as long as the parties are in agreement and have herein not terminated the contract.

Capital

The capital in the agreement of the partnership is to be contributed by both parties according to the agreement. This will be done as follows; The parties will open a capital account and maintain it for each partner. The partners will share profits and bear losses equally at all times.

Salaries and drawings

The parties are not allowed to receive any payments for the services rendered under the contract. Each partner is allowed to make withdraws from their income account.

Management duties and restrictions

The partners hereby, have equal rights in terms of management and that each partner will be committed in conducting the business. Neither of the party is allowed to make delivery, lend money or accept any payments without the consent of the other party.

Voluntary termination

The contract agreement may be terminated at anytime by the partners in the event that partners proceed with arguments reasonable to liquidate their partnership. The partnership name will be sold out with all the partnership assets and divide equally among the partners.

Attribution

Any controversy related to this agreement will be settled in accordance to the rules obtained from American attribution Association.

 

References

Deakin, S. F., & Morris, G. S. (2012). Labour law. Hart publishing.

Friedman, L. M. (2011). Contract law in America: a social and economic case study. Quid Pro Books.

Hagedoorn, J., & Hesen, G. (2007). Contract law and the governance of inter‐firm technology partnerships–An analysis of different modes of partnering and their contractual implications. Journal of Management Studies, 44(3), 342-366.