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Limited Partnership Agreement

Used 4,926 times

Limited Partnership Agreement

Image 1

Created by:

[Sender.FirstName][Sender.LastName][Sender.Company]

Prepared for:

[Partner.FirstName][Partner.LastName]

[Partner.Company]

Template

This agreement is made on (insert date) among:

Name of Limited Partnership

General Partner:[Sender.FirstName][Sender.LastName] located in [Sender.Country][Sender.State][Sender.StreetAddress][Sender.City][Sender.PostalCode]

Limited Partner:[Partner.FirstName][Partner.LastName] located in [Partner.Country][Partner.State][Partner.StreetAddress][Partner.City][Partner.PostalCode][Partner.PostalCode]

Name of Limited Partner located in (insert location):

WHEREAS, the Partners wish to establish a limited partnership that will operate under the terms and conditions outlined in this Agreement;

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties agree as follows:

Ownership, Participation, and Profits

The limited partnership shall be owned by the Partners under their respective ownership interests set forth below. Each partner shall participate in the management, operation, and control of the limited partnership under the terms and conditions of this Agreement.

The limited partnership shall be entitled to all profits from its business activities, subject to applicable tax obligations. Each partner shall receive a percentage of these profits under their ownership interest.

Dissolution, Winding Up, and Liquidation

If for any reason, the limited partnership is required or decides to dissolve, wind up, or liquidate its business activities, the partners shall work together to facilitate an orderly closure. This process may include the transfer of assets, assignment of liabilities, and other actions as determined by the Partners in consultation with legal counsel.

Limited Liability

The limited partnership and each of the Partners shall be held harmless from any liability arising from their business activities. This agreement shall not limit the liability of any Partner for actions or inactions that are not by the terms and conditions outlined in this Agreement.

Location and Governing Law

The limited partnership shall be governed by the laws of (state/province), and any disputes arising out of this Agreement shall be resolved by these laws.

Management

Subject to the terms and conditions outlined in this Agreement, the limited partnership shall be managed by (insert name), who shall serve as the general partner. The day-to-day management of the business may also be delegated to other individuals or entities, as determined by the Partners from time to time.

The Limited Partners must not take any actions without consulting with the General Partner. The Limited Partners also agree to adhere to any additional terms and conditions outlined in this Agreement, including those related to the management of the limited partnership, allocation of profits and losses, resolution of disputes, and dissolution of the partnership.

Term and Renewal

This Agreement shall remain in effect for a period of (insert term length), beginning on (insert start date) and ending on (insert end date). This Agreement may be renewed at the discretion of the Partners.

Capital Contributions

The Partners agree to make initial capital contributions in the amount of (insert total contribution amount) as required by this Agreement. Additional capital contributions may be requested at any time, and each Partner must make these additional contributions on time.

Distribution of Profits and Losses

The Partners agree to share profits and losses under their respective ownership interests. Profit distributions may be made at regular intervals or as needed, depending on the business operations of the limited partnership. Profits will be divided as follows: (insert share percentages for each Partner.)

Agreement by the Partners

By signing this Agreement, each Partner agrees to abide by all the terms and conditions outlined herein. The Partners are also required to participate in the management and operation of the limited partnership according to their respective responsibilities. Furthermore, any disputes arising from this Agreement shall be settled per its terms and conditions.

IN WITNESS WHEREOF this Limited Partnership Agreement has been executed on (date).

Signature
MM / DD / YYYY

Signature
MM / DD / YYYY

[Partner.FirstName][Partner.LastName]

[Sender.FirstName][Sender.LastName]

Limited Partnership Agreement

Used 4,926 times

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