[Restaurant.Name] Partnership Agreement
PandaTip: This restaurant partnership agreement template contains several text fields. Each partner should review the entire document and complete the fields assigned to them prior to signing.
This restaurant partnership agreement, entered into on [Agreement.CreatedDate], by and between , and , hereafter collectively known as the Partners, shall govern the founding, governance, and operation of the business venture listed below, hereafter known as the Restaurant:
PandaTip: This section of the template identifies and describes the restaurant being established by the partnership.
PandaTip: The terms and conditions in this template are intended to be fair and equal to both partners and provide clear guidance regarding the operation of the restaurant and the participation of each partner.
Whereas the Partners wish to collaborate in the ownership, governance, and operation of the Restaurant, the Partners agree to the following:
- The Partners agree to register the Restaurant as a limited liability corporation in [Restaurant.City], [Restaurant.State]. Each of the Partners shall hold an equal share of ownership in the Restaurant.
- The Restaurant’s principle place of business shall be the address listed above. All records related to the partnership or the Restaurant shall be maintained at this address.
- This restaurant partnership agreement shall commence as of the date it is signed by both partners, and shall continue indefinitely until rightfully dissolved by either partner.
- The Partners agree to make equal capital and time contributions as necessary to ensure the success of the Restaurant.
- The Partners agree to make joint decisions regarding the operation of the Restaurant. Neither partner shall make decisions related to the strategy or operation of the Restaurant without consulting the other Partner.
- The Partners agree to designate a hired individual as a general manager for the Restaurant. This individual shall be responsible for the daily operation of the Restaurant and shall be granted decision making authority commensurate with such a position.
- The Partners shall establish accounts at [Restaurant.Bank] for the Restaurant’s financial needs. All capital contributions shall be deposited to this account. No withdrawals shall be made from this account by either Partner without approval from both Partners.
- Neither Partner shall enter into any additional partnerships, contracts, or ventures related to the Restaurant without approval from the other Partner.
- The Partners may continue to engage in additional, non-related business interests, but must disclose those ventures to the other Partner.
- The Partners shall receive compensation from the Restaurant in the form of profit shares, to be calculated and distributed equally on an annual basis.
- This restaurant partnership agreement may be terminated due to bankruptcy, or by either partner via written notification to the other Partner. In the event that one of the Partners wishes to continue to own and operate the Restaurant, the resigning partner shall be obligated to sell their share of the Restaurant to the remaining partner.
- If both Partners agree to dissolve the restaurant partnership and cease operation of the restaurant, all assets shall be liquidated, with proceeds being used to resolve any of the Restaurant’s outstanding debts before remaining proceeds are equally distributed between the partners.
- Should one of the Partners pass away or become otherwise unable to reasonably participate in ownership and governance of the Restaurant, they shall be compelled to sell their interest in the Restaurant to the remaining Partner.
- No new partners shall be considered without approval of all existing Partners.
- This restaurant partnership agreement constitutes the entire agreement between the Partners.
- This restaurant partnership agreement shall be governed in accordance with the applicable laws of the city and state in which the Restaurant has it’s principle address.
PandaTip: Both partners should sign the agreement using the template’s e-signature fields prior to downloading a final copy.
In witness whereof, the Partners hereby enter into this restaurant partnership agreement as of the dates signed below.