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Sample Partnership Contract Page 7
XVI. WITHDRAWAL OR RETIREMENT OF PARTNER
A. Notice Of Withdrawal Or Retirement. In the event any partner shall
desire to withdraw or retire from the partnership, or becomes disabled so
that he or she is unable to fulfill necessary obligations to the partnership as
specified in this agreement, such partner shall give ________ days’ notice
thereof in writing by registered or certified mail to the other partners at the
at the last known address of each other partner. If any partner is adjudged
incompetent or insane, then his or her guardian shall give notice of such
judgment to each of the other partners in the same manner as provided
herein.
XVII. EXPULSION OF PARTNER
A. Grounds For Expulsion. Any partner may be expelled from membership
in the partnership by a majority vote of the other partners on the
following grounds:
1. Failure of a partner to make, when due, any contribution required
to be made under the terms of this agreement, when such failure
has continued for a period of _____ days after written notice of the
requirement.
2. Failure to fulfill any other obligation to the partnership as specified
in this agreement, when such failure has continued for a period of
______ days after written notice of the requirement.
3. Adjudication of the partner as being insane or incompetent.
4. Disability of the partner to the extent that he or she is unable, for a
period _____ days, to fulfill required obligations to the partnership
as specified in this agreement.
5. The making of an assignment for the benefit of creditors, the filing
of a petition under the Federal Bankruptcy Act or under any simiar
law or statute of the United States or any state thereof, or the
adjudication of the partner as a bankrupt or insolvent in
proceedings filed against such partner under any such act or `
statute.
B. Notice. Upon the occurrence of any event listed in subsection (A) of this
Article, the defaulting partner may be expelled from the membership in
the partnership by a majority vote of the other partners upon giving the
defaulting partner _____ days’ notice of such expulsion. The notice shall
briefly state the grounds for the expulsion.
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Sample Partnership Contract