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Business Partnership Operating Agreement
"I need a Business Partnership Operating Agreement for a new technology consulting firm with three equal partners, where we want to include specific provisions for intellectual property rights and the potential addition of future partners in 2025."
1. Parties: Identification of all partners and their contact details
2. Background: Context and purpose of the partnership
3. Definitions: Key terms used throughout the agreement
4. Partnership Business: Nature and scope of business activities
5. Capital Contributions: Initial and ongoing capital requirements
6. Profit and Loss Sharing: Distribution of profits and allocation of losses
7. Management Rights: Decision-making processes and authority
8. Banking and Financial Matters: Financial management and accounting procedures
9. Admission and Withdrawal: Process for adding or removing partners
10. Dissolution: Circumstances and procedures for ending partnership
1. Intellectual Property Rights: IP ownership and usage rights - include when partnership involves creation or use of IP
2. Non-Compete Provisions: Restrictions on competitive activities - include when partners want to prevent competition
3. International Operations: Rules for international business - include when partnerships operating across borders
4. Regulatory Compliance: Industry-specific compliance requirements - include for regulated industries
1. Schedule 1: Initial Capital Contributions: Detailed breakdown of partners' initial investments
2. Schedule 2: Profit Sharing Ratios: Specific percentages for profit distribution
3. Schedule 3: Partnership Assets: List of partnership property and assets
4. Appendix A: Business Plan: Initial business plan and strategy
5. Appendix B: Partner Contact Details: Comprehensive contact information
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