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60 40 Partnership Agreement
"I need a 60/40 Partnership Agreement for a new tech consulting business starting in March 2025, where I'll be the majority partner contributing technical expertise and initial funding, while my partner brings client relationships and industry contacts."
1. Parties: Details of the partners entering into the agreement
2. Background: Context and purpose of the partnership
3. Definitions: Key terms used throughout the agreement
4. Partnership Structure: 60/40 split details and capital contributions
5. Management Rights: Decision-making processes and voting rights
6. Profit and Loss Distribution: How profits and losses will be shared
7. Duration: Term of partnership and renewal provisions
8. Termination: Circumstances and process for ending the partnership
1. Non-compete: Restrictions on competing activities when partners may have competing interests
2. Intellectual Property: Ownership and use of IP when relevant to the business
3. Death/Incapacity: Procedures following death or incapacity of a partner
4. International Operations: Provisions for international business when operating across borders
1. Schedule 1: Initial Capital Contributions: Detailed breakdown of partners' initial investments
2. Schedule 2: Business Plan: Initial business plan and objectives
3. Schedule 3: Asset Register: List of partnership assets and their ownership
4. Appendix A: Partner Contact Details: Contact information for all partners
5. Appendix B: Banking Arrangements: Details of partnership bank accounts and signatories
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