Simple agreement. Any State. A partnership agreement between 2 partners setting up a new partnership that allows for the levels of the individual partner's capital account to be changed by mutual consent throughout the life of the partnership and for the balance on that account at the end of the period to dictate the percentage (share) of profits or losses to be appropriated by the partner for the period. A partnership agreement like this one is often used where circumstances are a little more unknown and fluid and where investment in the entrepreurial environment is considered to be the key to success, and the partnership is relying on one partner to provide more of this investment who therefore needs to be recognised. (When things settle down, or upon the retirement of the key investor etc., it may be replaced by one of the other styles.) It provides for the retirement of a partner but has little to say about death except some simple terms for dealing with the executor of the will and trustee of the deceased partner's estate.
L-3101Partne_0.docPartnership agreement between 2 partners setting up a new partnership that allows for the levels of the individual partner's capital account to be changed by mutual consent throughout the life of the partnership.
