This partnership agreement can be used to draft for establishing a general partnership for two 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.
Under this agreement, Partners are not obliged to provide guarantees to support the Partnership's financing commitments. If they do so, such guarantees shall be given in proportion to each Partner's Percentage Share. The liabilities of the Partners under such guarantees (so far as possible) shall be several and not joint and several.
If a claim is made under any such guarantee against a Partner, it is entitled to such a contribution from the other Partner as will ensure that the aggregate liability is borne by the Partners in their respective Percentage Shares.
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 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.
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