06 68 PARTNERSHIP AGREEMENT

• Jurisdiction: Arkansas
• Library: Arkansas Form Book - Complete (2023 Ed.)

06-68 PARTNERSHIP AGREEMENT

[The partners in a general partnership become jointly and severally liable for debts incurred by the partnership or any partner in behalf of the partnership. It has been traditionally used in a wide range of appropriate situations. The legislative creation in the 1990's of limited liability companies, limited liability partnerships and limited liability limited partnerships, all of which provide substantial limits to the personal liabilities of the owners for entity debts, suggest that the use of the general partnership may be an unnecessary legal risk for its participants. As such, under current law, its use should be carefully scrutinized and limited in favor of the alternatives mentioned above.]

PARTNERSHIP AGREEMENT

This agreement made this [day] day of [month, year], between [partner #1 name] and [partner #2 name],

WITNESSETH:

1. NAME AND BUSINESS: The parties hereby form a partnership under the name of [partnership name] for the purpose of conducting a business to [describe, as necessary], to do everything necessary for the accomplishment of the objects thereof and in general to carry on any lawful business necessary or incidental thereto. The principal office of the partnership shall be [address].

2. TERM: The partnership shall begin on [date], and shall continue until terminated as herein provided.

3. CAPITAL: Whenever required in the business of the partnership, capital shall be contributed by the partners in the proportion in which each partner shares in partnership profits and losses.

A separate capital account shall be maintained for each partner. No partner shall withdraw any part of his or her capital account. If the capital account of a partner becomes...