A basic partnership agreement is a document which is made when two or more than two parties agree to a partnership of any kind. Such agreements can also be verbal but the written form is more practical. The terms and conditions of such an agreement are legally binding which means that if a party violates any term, it shall be chargeable under law.
Sample Basic Partnership Agreement:
This partnership agreement has been made on 17th Jan 2011 and shall remain into effect for 12 months from effective date
Termination date of agreement: 17th Jan 2012
The following are the parties of the agreements and are together known as PARTNERS.
Name: Mr. James Anderson
Address: 1-t, friends enclave, LA
Contact number: 477044033003
Name: Mr. Ray West
Address: q-90, fourth floor, Latino street, London
Contact number: 473094309030
The partners shall be partners in partner 1’s business of footwear manufacturing.
Duties of partner 1:
The first partner shall be responsible for marketing, distribution and handling of other sales operations.
Duties of partner 2:
The second partner shall be responsible for manufacturing, production and design.
Terms and conditions:
The partners will equally divide the profit earned by the business venture.
The partners shall equally invest in their business and pay the various overhead costs of running the footwear factory.
The partnership shall end on the termination date after which the business shall become the sole duty of partner 1.