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Sample Partnership Agreement 3

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Sample Partnership Agreement 3 Page 2
Sample Partnership Agreement 3
LOMAS Administrative Form
Form No.09689, page 2 of 16
Partnership Name
The firm name of the partnership shall be _______________________________.
Place of Business
The principal place of business of the relationship shall be _______________________, and
such other place or places as the partnership shall hereafter determine.
This partnership shall commence on ___________ , 19__, and shall continue until dissolved
either by mutual agreement or pursuant to the terms of this agreement.
Capital Contributions; Accounts; Loans
A. Original Partnership Capital. The original capital contribution of the partnership shall
consist of the following property to be contributed by the partners equally: $_______ .
B. Operating Capital Accounts. A separate operating capital account shall be maintained
for each partner. The interest of partners in operating capital of the partnership shall be as follows:
There shall be no additional contributions to operating capital made by any partner without the
consent of all the partners.
C. Ratio of Partners' Operating Capital Accounts. The interest of each partner in the
partnership operating capital shall be increased by (i) permissible additional capital contributions,
and (ii) any credit balances transferred from its income account to its operating account, and
decreased by (i) withdrawals and reductions of partnership operating capital, and (ii) its share of
partnership losses, if charged to the operating capital accounts of the partners.
D. Withdrawals from Capital. No partner shall withdraw any part of the capital from the
partnership for its use except upon the consent of the partnership.
E. Partners' Loans. Each partner agrees to loan the partnership $__________ to bear an
agreed upon interest and be secured with a promissory note executed by the partnership. When all
partners consent, any partner may loan such additional amounts to the partnership bearing such
interest and on such terms as may be agreed upon.
Sample Partnership Agreement 3