Sample Partnership Contract - Free Download | Page 4
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5. Make, execute, or deliver in the name of the partnership any bond, trust
deed, mortgage, indemnity bond, guarantee, surety bond, or
accommodation paper or endorsement;
6. Borrow money in the name of the partnership or use as collateral any
partnership property;
7. Assign, pledge, transfer, release, or compromise any debt owing to, or
claim of, the partnership except for full payment;
8. Convey any real property of the partnership;
9. Pledge or transfer in any manner, except to another partner, his or her
individual interest in the partnership; or
10. Undertake or complete any act for which unanimity is required under any
other provision of this agreement.
C. Contracts. For purposes of the partnership business, but subject to any
limitations and restrictions imposed by this agreement, each partner shall have
equal power and authority in using the partnership name and in binding the
partnership, in making contracts and purchasing goods, and in otherwise trading,
buying, selling, or managing on behalf of the partnership.
D. Employment And Dismissal Of Personnel. No partner shall hire any person for
employment by the partnership or dismiss, except in case of gross misconduct,
any person in the employment of the partnership without the consent of all the
partners.
E. Indemnity By Partnership. The partnership will indemnify each partner in
respect of payments made and personal liabilities reasonably incurred by each
partner in the ordinary and proper conduct of the partnership business, or for the
preservation of the business or property of the partnership.
F. Meetings Of Partners. Without call or notice the partners shall hold regular
_____________ meetings at times and places to be selected by the partners. In
addition, special meetings may be called by a majority of the partners at any time,
after the giving of ____________ days’ notice to all partners. Notice of special
meetings shall be by actual notice in person or by telephone to each partner. Any
partner may waive notice of any meeting, and attendance of a partner at a meeting
constitutes a waiver of notice of such meeting, except in the event that a partner
attends a meeting specifically to protest the lack of notice.
G. Bank Deposits And Accounts. All partnership funds shall be deposited in the
name of the partnership in accounts in ____________. All checks, drafts, or other
withdrawal slips drawn on such partnership accounts shall be signed by
______________________.
