Sample Partnership Contract - Free Download | Page 2
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or her respective distributive share (as defined in Article X(a)). In the event that
any partner fails to make such subsequent capital contribution, the partners who
have contributed their shares may consider the sums so advanced as loans to the
partnership.
D. When Initial Contribution Is To Be Made. Each partner shall make an initial
contribution of capital to the capital of the partnership or before ______________.
E. Effect Of Failure To Make Initial Contributions. If any partner fails to make
the entire required initial contribution to the capital of the partnership on or before
the date indicated above, this agreement shall be abandoned and of no further
effect. On the happening of such contingency, all contributions which have been
made shall be returned to the partners who have made such contributions.
F. Interest On Capital Contributions. The partners shall not receive interest on
any of their individual contributions to capital, unless they specifically agree, in
writing, to such interest prior to the time that capital is contributed.
VIII. PARTNERSHIP PROPERTY
A. Partnership Property. Subject to the provisions of subsections (B) and (D) of
this article, all property originally paid to, or brought into, or transferred to, the
partnership, as contributions to capital by the partners, or subsequently acquired
by purchase or otherwise, on account of the partnership, shall be partnership
property.
B. Title To Loaned Property To Remain In Partner. It is agreed that the
following described property:
____________________,
is being made available to the partnership by ________________, solely for the
use of the partnership and is to remain the property of the lender and is to be
returned _______________, or when the partnership is dissolved, if prior to that
date.
C. Property To Be In Partnership Name. The title to all partnership property shall
be held in the name of the partnership.
D. Rights In Specific Partnership Property. It is agreed that the partners,
individually, do not have the right, at any time during the existence of this
partnership, to assign or in any way encumber any partnership property, unless
specifically agreed to by the partners, in writing.
