A General Partnership Agreement is essential when two or more parties wish to form a business partnership in the United States. This document is particularly crucial as general partnerships expose partners to joint and several liability for the partnership's obligations. The agreement, governed by state laws and the Uniform Partnership Act, should be created at the formation of any partnership to establish clear guidelines for operations, profit sharing, decision-making processes, and dispute resolution. It helps prevent misunderstandings and provides a framework for addressing various business scenarios, from routine operations to partner departures or dissolution. Given the significant legal and financial implications of general partnerships, this agreement should be carefully drafted with professional legal guidance to ensure all partners' interests are protected and regulatory requirements are met.
Your data doesn't train Genie's AI
You keep IP ownership of your information
1. Parties: Identification and details of all partners
2. Background: Context and purpose of forming the partnership
3. Definitions: Key terms used throughout the agreement
4. Partnership Name and Purpose: Official name and business objectives
5. Capital Contributions: Initial and ongoing financial/asset contributions
6. Profit and Loss Sharing: Distribution of profits and allocation of losses
7. Management Rights and Duties: Partner responsibilities and decision-making processes
8. Banking and Books of Account: Financial management and record-keeping requirements
9. Dissolution and Termination: Process for ending the partnership
1. Non-Competition: Restrictions on competing activities - used when partners may have competing interests
2. Intellectual Property Rights: Ownership and use of IP - included when IP is significant to the business
3. Insurance Requirements: Required insurance coverage - recommended for high-risk businesses
4. Admission of New Partners: Process for adding partners - included when future expansion is anticipated
1. Schedule A - Capital Contributions: Detailed list of initial contributions by each partner
2. Schedule B - Profit Sharing Ratios: Specific percentages for profit/loss allocation
3. Schedule C - Partner Contact Information: Detailed contact information for all partners
4. Appendix 1 - Partnership Procedures: Detailed operational procedures and policies
Agreement
Business Day
Capital Account
Capital Contribution
Defaulting Partner
Effective Date
Fiscal Year
Partnership
Partnership Interest
Partnership Property
Percentage Interest
Profits and Losses
Managing Partner
Material Breach
Net Income
Withdrawal
Transfer
Territory
Intellectual Property
Confidential Information
Capital Contributions
Profit and Loss Allocation
Management Rights
Decision Making
Voting Rights
Banking Arrangements
Financial Records
Partner Duties
Partner Authority
Admission of New Partners
Transfer of Partnership Interest
Withdrawal
Death or Incapacity
Dissolution
Termination
Confidentiality
Non-Competition
Dispute Resolution
Amendment Procedures
Notice Requirements
Governing Law
Severability
Force Majeure
Indemnification
Insurance Requirements
Intellectual Property Rights
Partnership Property
Tax Matters
Books and Records
Audit Rights
Find the exact document you need
Tooling Agreement
An England & Wales agreement outlining rights and duties for industrial tooling creation, use, and maintenance.
Residential Tenancy Agreement Standard Form Of Lease
An England & Wales lease agreement establishing an Assured Shorthold Tenancy under the Housing Act 1988.
Representation Agreement
An England & Wales legal document authorizing a representative to conduct specified business activities on a principal's behalf.
Provisional Agreement
An England & Wales legal document establishing interim terms during ongoing negotiations for complex transactions.
Preliminary Agreement
An England & Wales legal document outlining preliminary terms for significant transactions or relationships before detailed negotiations.
Notary Rent Agreement
An England & Wales rental contract authenticated by a Notary Public for enhanced legal certainty and compliance.
Model Tenancy Agreement
An England & Wales legal template for residential lettings, detailing landlord-tenant obligations and compliance requirements.
Lease With Option To Buy
An England & Wales lease agreement offering tenants a future property purchase option with specified terms.
Lease And Licence Agreement
An England & Wales legal document granting property occupation and usage rights through lease and licence provisions.
Land Agreement Between Two Parties
An England & Wales legal document transferring land interests and establishing rights between two parties.
Employer Tuition Reimbursement Agreement
An England & Wales document assessing business continuity risks and strategies for operational resilience and regulatory compliance.
Contract Agreement Between Two Parties
An England & Wales agreement authorizing freight agents, detailing territory, commissions, and compliance in logistics.
Common Terms Agreement
An England & Wales contract defining freight agent duties, compensation, and compliance for international logistics operations.
Buyer Agency Agreement
A legal contract authorizing a real estate agent to represent a buyer in property transactions.
Subordination Agreement Mortgage
An English law agreement establishing priority ranking between multiple mortgage securities over the same property.
Statement Of Agreement
A formal document under English and Welsh law recording mutual understanding and agreement between parties regarding specific terms and conditions.
Rent In Exchange For Services Agreement
An English law agreement establishing terms for rent-free accommodation in exchange for specified services.
Preliminary Contract
An English law agreement setting out initial terms and conditions between parties before finalizing a detailed contract.
Catering Contract
A legally binding agreement for catering services under English and Welsh law, establishing terms between food service providers and clients.
Lease Agreement
An England and Wales-governed agreement between landlord and tenant establishing terms for property rental and occupation.
Security Agreement Form
An English law document creating security interests over assets to secure obligations owed to a secured party.
Business Cooperation Agreement
A formal agreement governing business collaboration between parties, regulated under English and Welsh law.
Terms Of Business Agreement
A legally binding agreement under English and Welsh law that establishes the core terms and conditions for business relationships between commercial entities.
Consulting Agreement
A legally binding agreement under English and Welsh law that establishes terms for consulting services between a consultant and client.
Professional Services Retainer Agreement
An English law agreement establishing terms for ongoing professional services delivery between provider and client.
Head Of Terms Agreement
A preliminary agreement under English and Welsh law outlining key terms and conditions for a proposed business transaction or arrangement.
Supply Contract Form
A legally binding agreement under English and Welsh law governing the supply of goods or services between parties.
Business Contract
A legally binding commercial agreement between business entities, governed by English and Welsh law.
Dispute Resolution Agreement
An English law agreement setting out procedures for resolving disputes between parties through mediation, arbitration, and other resolution methods.
Umbrella Agreement
A master agreement under English and Welsh law that establishes core terms for multiple future contracts between parties.
Software Agreement Contract
An English law agreement governing software licensing, usage, and maintenance terms between provider and licensee.
Professional Services Contract
An English law-governed agreement establishing terms and conditions for professional service delivery between service provider and client.
Consulting Services Agreement
An England and Wales-governed agreement setting out terms for the provision of professional consulting services between a consultant and client.
Assignment And Assumption Agreement
A legal document under English and Welsh law that transfers rights and obligations from one party to another, with the receiving party assuming associated responsibilities.
Yearly Contract Agreement
A US-governed agreement establishing terms and conditions for a twelve-month contractual relationship between parties.
Work For Hire Agreement
A U.S.-governed agreement establishing ownership rights and terms for work created by a contractor for a hiring party, under copyright law.
Work Contract
A legally binding employment agreement that establishes terms and conditions of employment under U.S. federal and state laws.
White Label Agreement
A U.S.-governed agreement enabling one company to rebrand and sell another company's products or services under their own brand name.
Website Development Agreement
A U.S.-compliant legal agreement between a website developer and client establishing terms for website development services, including scope, timeline, and deliverables.
Website Contract
A U.S.-governed legal agreement between website developers and clients defining website development terms and obligations.
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)
.png)