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Partnership Agreement Between Two Parties
"I need a Partnership Agreement Between Two Parties for a new tech consulting business I'm starting with my colleague in March 2025, with specific provisions for intellectual property protection and equal profit sharing."
1. Parties: Identification and details of the partners entering into the agreement
2. Background: Context and purpose of the partnership arrangement
3. Definitions: Key terms and their meanings used throughout the agreement
4. Partnership Business: Nature and scope of the partnership business activities
5. Capital Contributions: Details of initial and ongoing capital requirements from each partner
6. Profit and Loss Sharing: Arrangements for distribution of profits and allocation of losses between partners
7. Management and Decision Making: Partnership governance structure and voting rights of partners
8. Bank Accounts and Financial Records: Management of partnership finances and record-keeping requirements
9. Duration and Termination: Term of partnership and circumstances/process for termination
10. General Provisions: Standard legal clauses including notices, amendments, and governing law
1. Intellectual Property Rights: Provisions for ownership and licensing of intellectual property when IP is significant to the business
2. Non-Competition and Non-Solicitation: Restrictions on competing activities and soliciting employees/clients when partners want to protect business interests
3. International Operations: Specific provisions for cross-border activities when partnership operates internationally
4. Admission of New Partners: Process and conditions for adding new partners to the partnership
5. Death or Incapacity: Procedures to follow in case of death or incapacity of a partner
1. Schedule 1 - Initial Capital Contributions: Detailed breakdown of each partner's initial investment and contributions
2. Schedule 2 - Business Plan: Initial business plan and strategy for the partnership
3. Schedule 3 - Partner Details: Detailed information about each partner including contact details and representatives
4. Schedule 4 - Partnership Assets: Comprehensive list of partnership property and assets at formation
5. Schedule 5 - Accounting Policies: Agreed accounting principles and policies for partnership operations
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