Are you starting a partnership in Missouri and in need of a partnership agreement template? Look no further as we provide guidance on what to include in your document and offer a sample template for your use.
A partnership agreement is a legal document that outlines the roles, responsibilities, and expectations of each partner in a business venture. It serves as a foundation for the partnership and can help avoid conflicts down the line. In Missouri, partnership agreements are governed by the Missouri Uniform Partnership Act (MUPA).
When drafting your partnership agreement, consider the following key provisions:
1. Partnership Name and Purpose – Clearly state the name of the partnership and outline the purpose of the venture.
2. Contributions – Document the contributions made by each partner, including cash, property, and services. This section should also specify how profits and losses will be allocated.
3. Management – Outline the management structure of the partnership, including the decision-making process and the roles and responsibilities of each partner.
4. Capital Accounts – This section documents the capital accounts of each partner, which tracks the amount of money each partner has invested in the partnership.
5. Dissolution – Set out the terms for how the partnership will be dissolved if required, including how assets will be distributed and debts paid.
6. Dispute Resolution – Define a dispute resolution process in case conflicts arise between partners.
Here`s a sample partnership agreement template you can use as a starting point:
[Partnership Name and Purpose]
1. Contributions
Partner 1:
– Cash contribution: [insert amount]
– Property contribution: [insert description]
– Services contribution: [insert description]
– Percentage of profits and losses allocated: [insert percentage]
Partner 2:
– Cash contribution: [insert amount]
– Property contribution: [insert description]
– Services contribution: [insert description]
– Percentage of profits and losses allocated: [insert percentage]
2. Management
The partnership will be managed by [insert name and role]. [Insert details on decision-making process and delegation of duties].
3. Capital Accounts
Each partner`s capital account will be maintained in accordance with the MUPA.
4. Dissolution
In the event of dissolution, the partners will wind up the partnership`s affairs and distribute assets. [Insert details on how assets will be distributed and debts paid].
5. Dispute Resolution
Any disputes arising from this agreement will be resolved through mediation or arbitration.
______________________________
[Partner 1 Signature] [Date]
______________________________
[Partner 2 Signature] [Date]
Having a partnership agreement in place is essential for establishing a successful partnership. By outlining the roles, contributions, and responsibilities of each partner, you can avoid misunderstandings and conflicts down the line. Use the above template as a starting point, customized to suit your specific needs and partnership structure.