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Partnership Contract Template

A Partnership Agreement or Contract as the name implies is an agreement between partners in a partnership that features and specifies the terms of a relationship between two or more partners. The elements of a partnership contract include information about the percentage of ownership of all partners, the ratio of profit and loss, the description of management power, responsibilities of each partner, length or duration of a partnership, termination of partnership and reasons of termination and information about the purchase and selling of shares between partners.

Partnership-Contract-Template

It is important to draft a partnership contract through an attorney because attorneys are experienced and educated enough to include all the important things in it. You can find some free contract templates online that can be used to create your own contract quickly but they can’t replace a legal advisor. Along with important information regarding the terms of a partnership, a partnership contract usually features details that save you from problems legally at the end of the partnership. Here is a comprehensive Partnership Contract Template that can easily help us to draft our very own partnership contracts.

The Importance of Partnership Contract with a Business

Usually, in partnership people never sign partnership contracts because it is also considered a valid partnership however, signing a partnership contract means that partners have secured their relationship legally. The contract will help you to structure and organize your business in a way that best suits the nature and type of your business. Partnership contracts help you to determine the ratio of loss and profit that each partner will take in the light of their contribution in business, the responsibilities of each partner, the effects that will happen when any partner leave the business and other important business related details. As the contract is signed by the entire partner, therefore, no one can cross their pre-set limit and in case of violation, any partner can knock at the door of law.

Things to include in a Partnership Contract

A partnership contract is basically dependent on the regional laws and therefore partners should have complete information regarding partnership law of their region, however, a valid partnership contract contains the following common and major points.

A registered partnership name is required for any partnership. It can be the first and last words of your name or can be a name that suits your business.

Each partner has a different proportion of contribution to the business and therefore a valid partnership contract must include the names of each partner along with their contributions. It is important because the determination of loss and profit is dependent on the contributions of the partners.

The percentage of profit and losses should be written clearly. Also, include the duration of withdrawal and also the methods or procedures of distributing all profits at the end of the year.
A partnership contract usually includes the limits of the authority of each partner. For example, usually in partnership contracts, it is stated that each partner is bound to take a certain action on the consent of other partners.

Additional to the above-stated points in some partnerships, partners usually adding some other points like ways of resolving disputes, the addition of other partners, actions that will come into action on the death of any partner and other rules and regulations. The purpose of the partnership contract is actually to clarify different things between partners in a legal manner. Here is a download link,

Download Partnership Contract Template

Sample Contracts

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Rental Contract Template

 

It is needless to say that the rental contract also identifies the property that is being agreed upon by the two parties. The legal document, in most of the cases, states the type of dwelling, actual location followed by address as well as zip code.

There is also a sum of money in the rental contract upon which is the property is being agreed. As far as the currency is concerned, it will be settled that is agreeable to both of the parties. What is more, the contract will also state the fees involved in the rental agreement.

The contract also goes with the frequency of rental payments. For instance, sometimes rent is due by weekly or sometimes once a month. In addition to this, the rental contract will also state the due date for the rental amount. One will find in the agreement that it shows what is the final day that is the rent is due without any late charges. Actually, the rent is due on the last day of the month in most of the cases until the 3rd of the 5th of the following month to turn in the rent.

The term is supposed to be the most important aspect of the rental contract. What is the nature of the contract and how long is the contract for? It goes with much importance that the rental contract is a legally binding document. If the tenant gives up the property before the stipulated term is over then he or she will be held in violation of the lease and therefore liable for penalties. Therefore, it is vital to keep each and everything in mind whether you are a property dealer or rental. If you come with a proper and written contract then in future it will help you a lot to save your property.

Here is a download link for this Rental Contract Template,

Download Rental Contract Template

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Other Example Contracts:

 

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