Sample Partnership Contract - Free Download | Page 3
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IX. RIGHTS, DUTIES, & LIABILITIES OF PARTNERS
A. Other Business Activities Prohibited. No partner, during the continuance of the
partnership, shall pursue, or become directly or indirectly interested in, any
business or occupation which is in conflict either with the business of the
partnership or with the duties and responsibilities of such partner to the
partnership.
B. Time Partners To Devote To Business. Each partner shall devote the same
amount of time to the business of the partnership, unless different amounts of time
are specifically agreed to, in writing, by the partners.
C. Salaries. Each partner, for time devoted to the business of the partnership, shall
receive, in addition to agreed upon share in any profits, the following salary:
First Party - _______________.
Second Party - ________________.
D. Vacations And Leaves Of Absence. Each partner shall be entitled to _________
days of vacation and ________ days of leave of absence for illness or disability
per annum, commencing from ____________ without, except as otherwise
provided herein, impairing a partner’s right to that partner’s share of the profits
of the partnership, or impairing any other rights under this agreement.
E. Suretyship Obligations. The parties covenant that they presently are not, and
agree that they shall not become during the existence of the partnership, without
the written consent of all the partners, obligated under any bond, suretyship or
security agreement, bail contract, or as cosigner for any individual, partnership,
or corporation, and shall not knowingly cause or allow to be done anything
whereby partnership property may be attached or taken in execution.
X. MANAGEMENT OF BUSINESS
A. Participation in Management. Except as otherwise provided in this agreement,
all partners shall have equal rights in the management and conduct of the
partnership. Decisions shall be by majority vote (each partner having one vote)
except as provided in subsection (B) of this article.
B. Matters Requiring Unanimity. During the continuance of the partnership, no
partner shall, without the consent of all the partners, do any of the following:
1. Assign the partnership property in trust for creditors or on the assignee’s
promise to pay the debts of the partnership;
2. Submit a partnership claim or liability to arbitration or reference;
3. Confess a judgment against the partnership;
4. Do any act which would make it impossible to carry on the ordinary
business of the partnership;
