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Partnership Agreement


THIS PARTNERSHIP AGREEMENT (the “Agreement”) effective from [dd] [MONTH] [yyyy] (the “Effective date”) is entered into by

1. [INSERT PARTNER A’s NAME], having its registered business/domicile [INSERT ADDRESS], hereinafter referred to as (the “Partner A”);


2. [INSERT PARTNER B’s NAME], having its registered business/domicile [INSERT ADDRESS], hereinafter referred to as (the “Partner B”).

The Partner A and the Partner B shall be referred to in this Agreement individually as a “Party” and collectively as the “Parties”.
WHEREAS, the Partner A and the Partner B voluntary entered into the Partnership for the pursuit of common business goals; and
WHEREAS, the Parties have considered various forms of joint business enterprises for their business activities; and
WHEREAS, the Partnership agreement as the most advantageous business form for their mutual purposes; and
WHEREAS, both Parties wish to evidence their contract in writing to set forth their rights and obligations under the Agreement; and
WHEREAS, the Parties have the capacity and are authorized to enter into this Agreement.
NOW, THEREFORE, in consideration of the mutual promises, covenants, and conditions contained herein, the sufficiency of which is hereby acknowledged, the Parties agree as follows:

1. Formation

1.1. Establishment. Subject to the terms and conditions hereof, the Parties hereto agree to carry on the Business in partnership.

1.2. Name. The name of the partnership shall be [NAME].

1.3. Office. The Partnership’s principle place of business shall be at [ADDRESS], unless relocated by consent of the Parties.

1.4. Duration. Subject to the provisions of this Agreement, the Partnership shall commence on the Effective Date and shall continue for a term ending on the earlier of:

(a) the date on which the Partnership is voluntarily dissolved by unanimous
agreement of the Parties; or
(b) the date on which the Partnership is dissolved by operation of law.

1.5. New Partners. Upon written consent of all the Parties, additional partners may be admitted to the Partnership under such terms and conditions (including capital contributions) as shall be determined at the time by the Parties.

1.6. Withdrawal by Partners.  (a)  A Party may, by notice to each of the other Parties at least [INSERT NUMBER] days prior to the last day of any fiscal year, elect to withdraw from the Partnership. The withdrawing Party’s Capital Account shall be valued as of the last day of the fiscal year in which the notice of withdrawal is given.

1.7. Assignability of Interests. The interest of a partner may be assigned or transferred in whole or in part from one Party to any other Party within the Partnership with the written consent of the Managing General Partner. Except as provided in the preceding sentence, the interest of a Party may not otherwise be assigned, pledged, hypothecated or transferred under any other circumstances except by reason of death or incapacity to that Party’s executor or administrator.

2. Purpose of Partnership

2.1. The purpose of Partnership is [PURPOSE OF THE PARTNERSHIP/ACTIVITIES] and to conduct other activities as may be necessary or incidental to or desirable in connection with the foregoing.

2.2. The Partnership shall have the power to do any act and thing and to enter into any contract incidental to, or necessary, proper or advisable for, the accomplishment
or attainment of the purpose of the Partnership specified in this Agreement.

2.3. Other purposes of the Partnership shall be:
i. to own, hold, sell, develop, lease, dispose of, exchange, convert, manage, exercise voting rights with respect to, and otherwise exercise all of the rights, duties and obligations of an owner of the Partnership Property;
ii. to reinvest, in any manner and in any real or personal property which the Parties deem appropriate, all proceeds derived from the Partnership Property;
iii. to invest the Partnership Property in any manner deemed reasonable by the Parties, in any real or personal property; and
iv. to conduct any other business or make any investment which a partnership may make without violating the applicable law.

3. Capital Subject to Agreement

3.1. The percentage interest of each Party will be determined by dividing the balance of such Party's capital account by the total of all of the capital accounts of all Parties.

3.2. The Party’s capital contribution shall be equal to at least [INSERT AMOUNT AND CURRENCY].

3.3. The Parties listed above own the number of Capital Contribution, and the approximate percentage of interest in Capital, as listed below on Schedule “A”:

3.4. Schedule A:

3.5. The Parties shall not be permitted to make Additional Capital Contributions to the Partnership without the consent of all of the Parties.

3.6. A Partnership capital account shall be established for each Party and shall be maintained at all times throughout the existence of the Partnership. The amount in a Party's capital account shall initially be the amount of such Party's Initial Capital Contribution which shall be the fair market value of the assets such Party contributed.

3.7. No Party shall have the right to withdraw, demand a return or reduce his, her or its Capital Contribution to the Partnership. In the event a return of or reduction in the capital account of a Party is made, any amounts paid to such Party shall be reduced by all costs, fees and other expenses incurred by the Partnership in facilitating such return of or reduction in capital.

3.8. Each Party may from time to time be required to make an Additional Capital Contribution pursuant to this section. Any such contribution shall be made within thirty (30) days from the date of written notice by the Parties.

3.9. The cash and property contributed by the Parties, will be utilized by the Partnership for the purposes of the Partnership set forth in Section 2.

3.10. All property owned by the Partnership, whether real or personal, tangible or intangible, shall be deemed to be owned by the Partnership as an entity. No Party shall have any direct ownership of any Partnership property.

4. Accounting

4.1. The Parties shall maintain complete and accurate books and records of the Party’s business and affairs. Such books and records shall be kept at the Party's registered office.

4.2. Profits or Losses for any fiscal year shall be allocated among the Parties in proportion to their ownership interests in the Partnership, unless a different allocation is agreed to in writing by all of the Parties.

4.3. The Partnership fiscal year shall be the calendar year. The Partnership’s financial records shall be kept in accordance with the cash receipts and disbursements method of accounting or in accordance with generally accepted accounting principles, at the discretion of the Parties. The Partnership shall furnish to the Parties, on a quarterly basis, accounting reports reflecting Partnership income and expenses. In addition, the Partnership shall provide the Parties with the full annual Partnership tax return for the preceding year in a timely manner to comply with all Code reporting deadlines.

5. Management

5.1. Except by written agreement of all the Parties, all actions and decisions respecting the management, operation and control of the Partnership and its business (including without limitation all determinations referred to in this Agreement) may only be taken or made with the consent and agreement of Parties having an aggregate Partnership Interests of not less than [INSERT PERCENTAGE] %.

5.2. Each Party shall devote to the business of the Partnership an amount of time that is deemed necessary by that Partner’s sole judgment in order to carry out the efficient operation of the business.

5.3. Nothing in this Agreement shall be deemed to constitute any Party the agent of another Party or to limit the Parties in the carrying on of their separate respective business activities. Without limiting the foregoing it is expressly recited that any Party may engage in and possess any interest in any business or venture other than the business of the Partnership, independently or with other persons, whether or not directly or indirectly in competition with the business of the Partnership. Neither the Partnership nor any other Party shall have any rights by virtue of this Agreement to any such independent business or the income or profits derived therefrom.

6. General Meeting

6.1. All meetings of Parties shall be known and described in the notices convening such meetings as “General Meetings”.

6.2. The notice for convening General Meeting shall be given in writing and must be given not less than 20 Business Days prior to the date of such meeting, to the other Parties.

6.3. The Party convening the meeting will prepare and circulate an agenda stating the matters to be dealt with by the Party during the General Meeting. Any Party may at any time require that any matter be included on the agenda for such meetings.

6.4. The voting rights of each Party are determined by the nominal value of their capital contributions.

6.5. Each Party has one vote.

6.6. All votes at General Meeting will be taken by way of a show of hands.

6.7. All decisions within the ordinary course of business shall be made by the unanimous consent
of both Parties, when there is more than two Parties, the majority of votes prevail.

7. Obligations of the Partners

7.1. In their capacity as a Party of the business, the Parties shall be expected to participate in team discussions and development of plans. They will have the following rights:
a) Right to be represented as a Party of the Company in all communications and publicity materials;
b) Right to participate in discussions pertaining to the company;
c) Right to be involved in developing future expansion plans and strategies;
d) Right to inspect the books of accounts;
e) Right to be treated fairly; and
f) Right to have the terms of this agreement incorporated into a subsequent business structure.

7.2. Each Party shall at all times:
a) devote his whole time/as much time as is reasonably required to effectively carry out the work of the partnership business, and work diligently and use his best skill and endeavors to promote the business of the Partnership;
b) be just and faithful to the other Parties in all transactions dealings and matters in relation to the Partnership and at all times give to the other Parties a true and proper account of all such dealings;
c) keep proper records of all business transacted by him on behalf of the Partnership; and
d) punctually pay and discharge his separate debts and liabilities whether present or future and he undertakes to indemnify the other Parties and their respective estates and effects against any claims arising therefrom.

8. Responsibilities of the Parties

8.1. The Parties will share general responsibility for the reputation and the economic growth of the business. Currently, specific responsibilities of the Parties are as follows:
(i) Partner A
a) He/she shall be responsible for [INSERT RESPONSIBILITIES]
b) He/she shall be responsible for [INSERT RESPONSIBILITIES]

(ii) Partner B
a) He/she shall be responsible for [INSERT RESPONSIBILITIES]
b) He/she shall be responsible for [INSERT RESPONSIBILITIES]

9. Death of a Partner

9.1. Upon the death of any Party (hereinafter referred to as the "Decedent") the Partnership shall neither be terminated nor wound up but, instead, the business of the Partnership shall be continued as if such death had not occurred.

9.2. Each Party shall have the right by testamentary disposition to bequeath all or any portion of his or her Partnership Interest in the Partnership to a member of his or her immediate family or to any trust in which any one or more members of his or her immediate family retain the full beneficial interest; provided that in the case of any such bequest, the legatee or legatees shall hold the Partnership Interest received as a result of such bequest subject to the terms of this Agreement and shall be required to join in and execute, acknowledge, seal and deliver a copy of this Agreement as an additional Party hereto.

10. Transfer of Intellectual Property

10.1. Each Party herewith transfers to the Company, for precautionary purposes, and the Company accepts, to the broadest extent legally possible any and all of their IP Rights that fall inside the scope of the Company’s Business, including any relevant trademark and the goodwill associated therewith, irrespective of how these rights were obtained by such Party (the “IP​ Transfer and Assignment”)​.

This IP Transfer and Assignment applies to:

(i) any and all current IP Rights of each Party that fall within the scope of the Company’s Business and
(ii) to any and all future IP Rights that fall within the scope of the Company’s Business and obtained by the Party while being a director, or officer, or employee of the Company (whichever applicable) or any of its subsidiaries (if any).

10.2. If for any legal reason the above mentioned transfer is not permissible, each Party herewith grants to the Company the exclusive, irrevocable, worldwide, unlimited as to content, time and territory, transferable and sub-licensable right to use such IP Rights that fall within the scope of the Company’s Business to the extent legally permissible in any way now known or in the future developed (the “IP​ License”)​. In particular, the IP License shall include:
(i) the right to make any publication for copyright, software and database rights purposes, to register claims under copyrights, software and database rights, and the right to renew and extend such copyrights, software and database rights, and the right to sue for past, present and future infringements of copyrights, software and database rights;
(ii) the right to permanently or temporarily reproduce the works underlying the respective IP Rights by any means and in any form, in part or in whole (including the loading, displaying, running, transmission or storage of works for the purposes of execution and processing of data or transmission to picture, sound and other data storage media),
(iii) the right to combine all or parts thereof with or add to it other works, parts of works or other information of any kind, the right to alter, modify and edit the IP Rights and to use and exploit the results achieved to the same extentd as the IP Rights itself,
(iv) the right to distribute, display and present such works and the right to make available such works to the public (for example via the Internet), to transmit and to display the works by any means, and
(v) the discretionary right to enforce the IP Rights against any person and the right to recover any proceeds or awards resulting from such enforcement.

10.3. The compensation for the assignment of and the granting of exploitation rights to the IP Rights shall be granted free of charge and the Company is not obliged to pay any fees to any Party for its use, given that the Parties participate indirectly in the proceeds from the IP Rights by means of the shares they directly or indirectly hold in the Company.

10.4. If the IP Transfer and Assignment or IP License requires any further deeds, acts or declarations to entitle the Company or its assignees to ensure the entire and exclusive use and advantages of the IP Rights each Party agrees to give and make any such deeds, acts and declarations forthwith. Any costs accruing in this context shall be borne by the Company.

10.5. The Company shall ensure that current and future employees and consultants of the Company (including the Parties) are or will be bound by the Company’s standard non- disclosure and proprietary rights assignment agreement, which shall include appropriate restrictive covenants including non-compete and non-solicitation provisions, to the extent permitted by applicable law.

11. Confidentiality

The Parties agree to keep the Company’s product or service confidential; relevant disclosures will occur only on an as-needed basis and only upon consent of all Parties. The Parties shall keep the terms of this Agreement and any confidential information relating to the Company strictly confidential. Each Party acknowledges that the customer lists, trade secrets, processes, methods, and technical information of the Company and any other matters designated by the written consent of all Parties are valuable assets. Unless he or she obtains the written consent of each of the other Parties, each Party agrees never to disclose to any individual or organization, except in authorized connection with the business of the Company, any customer list, or any name on that list, or any trade secret, process, or other matter referred to in this paragraph while the Party holds, or has the control of, any shares of the Company, or at any later time.

12. Non-Competition/Non-Solicitation

12.1. Each Party undertakes for the entire term of this Agreement and for a period of 2 years after termination of this Agreement that without the prior written consent of all Parties he/she will not: directly or indirectly engage in any way in any business which is competitive with the Business; or

12.2. use directly or indirectly any knowledge acquired as shareholder of the Company for an activity competing with the Business; or

12.3. on his/her own behalf or for any other person, firm or company directly or indirectly offer employment to or procure employment for any person who is employed by
the Company or solicit or induce any employee of the Company to leave his/her employment with the Company; or

12.4. solicit, aid or induce any person, firm or company which has been a customer of the Company or was or is in the habit of dealing with the Company, to stop using the services of or dealing with the Company in the manner in which such person, firm or company shall have been previously accustomed.'13. Dispute Resolution

13. Dispute Resolution

13.1. The Parties shall exhaust all effort to amicably settle any dispute which may arise pertaining to the implementation of this Agreement.

13.2. If any dispute arises under this Agreement, the Partner A and the Partner B shall negotiate in good faith to settle such dispute.

13.3. If the Parties cannot resolve such disputes themselves, the Parties agree to first try to resolve the dispute with the help of a mutually agreed-upon mediation or arbitration in [INSERT RELEVANT JURISDICTION].

13.4. Any costs and fees other than attorney fees associated with the mediation or arbitration will be shared equally by the Parties.
13.5. If the dispute is not resolved within [INSERT NUMBER OF DAYS] business days after it is referred to the mediator or arbitrary, any Party may take the matter to court.

13.6. If any court action is necessary to enforce this Agreement, the prevailing Party will be entitled to reasonable attorney fees, costs, and expenses in addition to any other relief to which the Party may be entitled.

14. Governing Law and Jurisdiction

14.1. Any issues, questions or matters arising out of this Agreement regarding but not limited to; validity, interpretation, enforcement, performance, or breach shall be governed by and construed in accordance with the internal laws of [INSERT A COUNTRY’S LAW] excluding its conflict of laws rules.

14.2. Any legal action or proceeding concerning the validity, interpretation, and enforcement of this Agreement, matters arising out of/or related to this Agreement or its making, performance or breach, or related matters shall be brought to the competent jurisdiction located in the [INSERT RELEVANT JURISDICTION].

14.3. The courts of the [INSERT RELEVANT JURISDICTION] shall have exclusive jurisdiction over any disputes.

15. Severability

15.1. Each of the paragraphs contained in this Agreement is unique and severable.

15.2. In the event that any section, provision or part of this Agreement shall be held to be invalid or unenforceable for any reason, the Parties agree that such invalidity will not affect the validity of the remaining provisions of this Agreement, shall continue to be valid and enforceable and further agree to substitute for the invalid provision a valid provision, which most closely approximates the intent and economic effect of the invalid provision.

15.3. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid and enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.

16. Force Majeure

16.1. A Party shall not be liable for any failure of or delay in the performance of this Agreement if such failure or delay is due to causes beyond reasonable control, including but not limited to acts of God, war, strikes or labor disputes, embargoes, government orders or any other force majeure event.

16.2. Upon the occurrence of any force majeure event, the Party relying upon this provision shall give written notice to the other Party of its inability to perform or of delay in completing its obligations.

17. Assignability and Parties of Interest

17.1. No Party may assign, directly or indirectly, all or part of its rights or obligations under this Agreement without the prior written consent of the other Party.

17.2. Nothing in this Agreement, express or implied, will confer upon any person or entity not a Party to this Agreement, or the legal representatives of such person or entity, any rights, remedies, obligations, or liabilities of any nature or kind whatsoever under or by reason of this Agreement, except as expressly provided in this Agreement.

18. Miscellaneous

18.1. Good faith. All actions taken pursuant to this agreement will be made in good faith without intention to unduly deprive a Party of any interest, right or benefits.

18.2. Remedies. The parties shall have all remedies for breach of this Agreement available to them provided by law. Without limiting the generality of the foregoing, the Parties agree that in addition to all other rights and remedies available at law or in equity, the Parties shall be entitled to obtain specific performance of the obligations of each party to this Agreement and immediate injunctive relief and that in the event any action or proceeding is brought in equity to enforce the same, no Party will urge, as a defense, that there is an adequate remedy at law

18.3. Invalidity. If any of the provisions in this Agreement should be held to be invalid or unenforceable, in whole or in part, under any rule of law, such provisions or part of them shall to that extent be deemed not to form part of this Agreement but the enforceability of the remainder of this Agreement shall not be affected. Furthermore, in lieu of any such invalid or unenforceable provision, the Parties hereto hereby agree that a valid and enforceable provision, similar in terms to such invalid or unenforceable provision, shall be added to this Agreement (as an integral part thereof).

18.4. Representations and Warranties. Each Party represents and warrants that he or she is not a party to any other agreement that would restrict such Party’s ability to perform its obligations as set forth in this agreement. Each Partner represents and warrants that no third party can claim any rights to any intellectual property or other proprietary right possessed by that Party as it relates to Company’s product or service.

18.5. Notices. All notices and other communications made or to be made under this Agreement shall be given in writing but dispatched to the other Parties by e-mail:
a) Partner A’s email address: [INSERT EMAIL]
b) Partner B’s email address: [INSERT EMAIL]

18.6. Unjust Enrichment. Nothing in this Agreement precludes, blocks or otherwise eliminates a Party’s standing to bring a claim against the other Parties of Company for
unjust enrichment or other similar cause of action.

18.7. Waiver. The failure of any Party to require strict compliance with the performance of any obligations and/or conditions of this Agreement shall not be deemed a waiver of that Party’s right to require strict compliance in the future, or construed as consent to any breach of the terms of this Agreement.

18.8. Counterparts. This agreement may be executed by Parties in counterparts and may be executed and delivered by fax or other electronic means, and all such counterparts and facsimiles together constitute one agreement.

19. Entire Agreement

19.1. This Agreement sets forth the entire Agreement and understanding between the Parties for the purpose hereof, and there are no other promises or conditions in any other agreement whether oral or written.

19.2. This Agreement supersedes any prior written or oral agreements between the Parties.

19.3. Neither of the Parties shall be bound by any prior or contemporaneous conditions, definitions, warranties, understandings, or representation with respect to such purpose other than expressly provided herein.

19.4. This Agreement shall not be modified or changed in any manner except if mutually
agreed upon through any written amendment or instrument signed by each of the Parties.

20. Declaration

20.1. The Parties hereby understand and expressly agree to the provisions laid down in the present Agreement and in good faith, undertake that both parties shall follow the terms of this Agreement in good conscience in order to secure better growth of both the Parties.

IN WITNESS WHEREOF, the Parties hereto have caused this Partnership Agreement to be executed as of the date stated above.

Template does not constitute any form of legal advice, and the User is at all times encouraged to request external specific legal advice in respect of the execution of legal documents.
Partnership Agreement

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What is a partnership agreement?

A partnership agreement is a legal document that outlines the terms governing the collaboration between two or more parties in a business. This contract not only sets the operational framework but also specifies the rights and responsibilities of each partner, along with the distribution of profits and losses. 

Key aspects covered in a partnership agreement encompass capital contributions, decision-making procedures, voting processes, partner additions and withdrawals, and provisions for the termination of the partnership. 

As a business evolves, transitioning to a shareholders agreement might be best for organizations looking to manage their expanding operations better.

What should be included in a partnership agreement?

While the specific details of a partnership agreement (founder’s agreement) should always be customized and optimized to your needs, a few things are standard in all partnership contracts. 

  • The date the partnership starts: Even if you've been in business for some time before formalizing your partnership, make the effective date as close to the current date as possible.
  • Names and addresses of all partners: This is usually an individual's home address. However, if the party entering the partnership is a business, this can be a business address.
  • The name of the partnership: Include your formal business name and any trading names. This clarifies that trading names and websites are linked to the legal partnership name.
  • The registered premises of the partnership: You can have specific registered premises for your partnership or use a partner's address. If your partnership operates remotely, you may have a service address rather than an office address.
  • Conditions for a partner to withdraw: Outline how much notice a partner must give to withdraw from the agreement.
  • The purpose of the partnership: This can be a general outline of what the business does or will do.
  • Capital contributions: This outlines the cash, property, services, or other resources that each partner will initially contribute to the partnership. Your partnership agreement should outline the minimum contribution from each partner, detail the actual contributions made, and highlight this as a percentage of all partners’ contributions to the partnership.
  • Management and voting requirements: This outlines how you will manage your partnership by detailing what percentage of voting weight is required to make decisions within the business. For example, if five partners made an equal initial contribution to the partnership, you might set this at 60% to ensure a majority must be present.
  • Specific responsibilities of each partner: This lets you clarify who is responsible for what within your partnership. It might outline which partner is the managing director or is responsible for sales, marketing, and other specific operations within the business.
  • Dispute resolution procedures: This outlines a process for resolving disputes within your partnership.
  • Governing law or jurisdiction: This outlines the jurisdiction under which your business operates, clarifying the operational laws you need to follow and to which courts any disputes will be escalated if necessary.

You may also choose to include things like compensation and benefits within your partnership agreement. You can decide whether this suits your partnership instead of having other documents and contracts to cover these.

When should I use a partnership agreement?

Use a partnership agreement if a partnership model is more desirable for your business than setting up a company limited by shares, for example, and when you’re looking to formalize a business relationship between two or more parties.

Depending on where the partnership is based, you may have several partnership models from which you can choose. Take the time to select the best one for your needs and business objectives.

  1. Dispute resolution — ‍ A partnership agreement is a roadmap for resolution that saves time and money for partners. 
  2. New business partnership — ‍When you start a business with one or more partners, this agreement will outline each partner's investment, roles, and how finances are shared. 
  3. New partner — A partnership agreement can help define a new partner's role and stake in the business. And it can protect the interests of existing partners. 
  4. Partnership structure changes — ‍If your partnership structure needs to change, a new agreement ensures all partners are on the same page.
  5. Future plans — ‍A partnership agreement can also help plan for a partner’s retirement or exit. 

Why use a partnership agreement?

Whether for regulatory, taxation, or other reasons, a partnership agreement is preferable to alternative options.

A "handshake agreement" might work initially, but when you want to scale your business, you need a clear basis for how you will work. Without one, you'll spend time addressing ambiguity when you should be focusing on growth.

Not all partnerships are the same. A formal agreement means you can tailor your business to take advantage of each partner’s strengths and ensure your work is optimized around your needs.

When how you will work is agreed upon in writing, you remove much of the potential for conflicts and have a basis for resolving disputes where they occur.

Knowing how to handle a partner's withdrawal or addition allows your business to continue without disruption when things change.

Here are just a few pain points our clients told us about before using Contractbook to solve their contract chaos. 

  • Overall control: “I can easily keep track of all the contracts in my organization, so I always know what to do. We miss 0% of our deals, save 80% of our time, and our contracts are 100% correct.” — Christian Toft Bach, Partner, Mutebox
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Scale faster with Contractbook’s partnership agreement template 

Ever feel like your business is playing without a rulebook? Today's the day you change that. A partnership agreement is like the playbook for your business journey. Don't have one yet? No worries. 

Whether you're a startup or a seasoned player eyeing new markets (and a new partner), use Contractbook's partnership agreement template to ensure all the crucial details are locked in, setting you and your partners up for a slam dunk in the world of business. 

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Key Terms of
Partnership Agreement

This partnership agreement outlines the formation, purpose, capital contributions, management, obligations, and other key terms governing the business partnership between Partner A and Partner B. It establishes their equal 50% ownership stakes, defines the partnership's activities and decision-making processes, and covers areas like intellectual property, confidentiality, non-compete, and dispute resolution. The agreement aims to clearly define the rights and responsibilities of the partners.

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