This partnership agreement can be used to draft for establishing a general partnership for four parties under the law of a specified jurisdiction. This agreement is drafted to impose looser / lighter obligations on the parties.
This agreement provides a basic partnership framework only.
The Partnership Board shall meet quarterly. In addition, any Partner has the right to convene a meeting of the Partnership Board at any time. Any meeting of the Partnership Board shall be called by the Chairperson and conducted in accordance with the provisions of this clause 7. The quorum for any meeting of the Partnership Board (other than an adjourned meeting) is a majority in the number of the Directors. At an adjourned meeting any two (2) Directors or their alternates present shall be a quorum.
A meeting of the Partnership Board may consist of a conference between Directors who are not all in one place, but of whom each is able (directly or by telephonic communication) to speak to each of the others and to be heard by each of the others simultaneously; and the word meeting in this Agreement shall be construed accordingly.
In the event of deadlock on any vote taken pursuant to clause 7.10 which cannot be resolved after a further meeting of the Partnership Board, the matter shall be referred to the Chairperson / Chief Executives or other senior representatives of the Partners whose determination (if unanimous) shall bind the Partnership Board.
This document should be carefully read by the Partners in the proposed partnership.
Partners who wish to establish the partnership should complete their personal and business information as much as they could.
Please provide the territory/jurisdiction where the partnership will be formed, the name of the partnership, and the purpose of the business of the partnership in creating this agreement. The initial capital contribution from each partner and property and assets initially owned by the partnership should also be indicated.