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It requires accurate books on an accrual or cash basis, periodic accountings, and defines net profits using generally accepted accounting principles.",{"name":115,"@type":106,"acceptedAnswer":116},"What happens if a partner withdraws or the partnership is dissolved?",{"text":117,"@type":109},"A partner may withdraw with written notice at the end of an accounting period. 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Type of Business.  \nThe Partners voluntarily associate themselves together as general partners for the purpose of  \nconducting the general business of   , and any other  \n(type of business)  \ntype of business that may from time to time be agreed on by the Partners.  \n2. Name of Partnership.  \nThe name of the Partnership shall be    \n(name)  \n  . This name will be registered in the office of the Arizona Secretary of State as the fictitious name of the Partnership.  \n3. Term of Partnership.  \nThe Partnership shall commence on   \n(“the execution of this Agreement” or specify date)  \nand shall continue until   or  \n(specify date or “dissolved by mutual agreement of the parties”)  \nterminated as provided in this Agreement.  \n4. Place of Business.  \nThe principal place of business of the Partnership shall be at   ,  \n(address)  \n  ,   , Arizona.  \n(city) (county)  \nand any other place or places that may be mutually agreed on by the parties to this Agreement.  \n5. Initial Capital.  \nThe initial capital of this Partnership shall be the sum of $  ,  \n(amount)  \nto which each Partner shall contribute by depositing in a checking account in the name of the  \nPartnership at the   in  ,(bank) (city)  \nArizona on or before  , the following amounts:  \n(date)  \n  shall contribute $    \n(name)  \n  shall contribute $    \n(name)  \n6. Withdrawal of Capital.  \nNo Partner shall withdraw any portion of the capital of the Partnership without the express written consent of the other Partners.  \n7. Profits and Losses.  \nAny net profits or losses that may accrue to the Partnership shall be distributed to or borne by the Partners.  \n(in equal proportions or in the following proportions:   specify proportions. e.g. [name], 60%; [name], 40%)  \n8. Partnership Books.  \nAt all times during the continuation of the Partnership, the Partners shall keep accurate books of account in which all matters relating to the Partnership, including all of its income, expenditures,  \nassets, and liabilities, shall be entered. These books shall be kept on    \n(Accrual or Cash)  \nbasis and shall be open to examination by either Partner at any time.  \n9. Fiscal Year.  \nThe fiscal year of the Partnership shall end on the   day of    \n(month)  \neach year.  \n10. Accountings.  \nA complete accounting of the Partnership affairs as of the close of business on the last day of March, June, September, and December of each year shall be rendered to each Partner within  \n  days after the close of each of those months. On each accounting, the net profits of (Number)  \nthe Partnership shall be distributed to the Partners as provided in this Agreement to the extent that  \ncash is available for this distribution. Except as to manifest errors discovered within    \n(Number)  \ndays after its rendition, each accounting shall be final and conclusive to each Partner.  \n11. Time Devoted to Partnership.  \nEach Partner shall devote his or her undivided time and attention and use the utmost of his or her skills and ability in furtherance of the Partnership business.  \n12. Management and Authority.  \nEach Partner shall have an equal voice in the management of the Partnership and shall have authority to bind the Partnership in making contracts and incurring obligations in the name and on the credit of the firm. However, no Partner shall incur any obligations in the name or on the credit of the firm exceeding $   without the express written consent of the other Partner. Any obligation incurred in violation of this provision shall be charged to and collected from the individual Partner incurring the obligation.  \n13. Salaries.  \nAs compensation for his or her services in and to the Partnership business, each Partner shall beentitled to a salary of $   each month, which shall be deducted by the ","cbCaiscK7tuXEMKA","https://ap.wps.com/l/cbCaiscK7tuXEMKA","pdf",112743,6,"English","# ARIZONA GENERAL PARTNERSHIP AGREEMENT\n## Type of Business\n## Name of Partnership\n## Term of Partnership\n## Place of Business\n## Initial Capital\n## Withdrawal of Capital\n## Profits and Losses\n## Partnership Books\n## Fiscal Year\n## Accountings\n## Time Devoted to Partnership\n## Management and Authority\n## Salaries\n## Net Profits Defined\n## Withdrawal of Partner\n## Option to Purchase Terminated Interest\n## Purchase Price of Partnership Interest\n## Buy-Sell Agreement on Death of Partner","[{\"question\":\"What does the agreement cover regarding forming and operating a general partnership in Arizona?\",\"answer\":\"It covers the partners’ voluntary association, business purpose, partnership name registration as a fictitious name, the start and end of the partnership term, and the principal place of business.\"},{\"question\":\"How are profits, losses, and accountings handled under this agreement?\",\"answer\":\"Net profits or losses accrue to the partnership and are distributed to or borne by the partners based on specified proportions. It requires accurate books on an accrual or cash basis, periodic accountings, and defines net profits using generally accepted accounting principles.\"},{\"question\":\"What happens if a partner withdraws or the partnership is dissolved?\",\"answer\":\"A partner may withdraw with written notice at the end of an accounting period. The agreement includes an option for the remaining partner to purchase the withdrawing partner’s interest, setting a purchase price based on net book value and relevant distributive shares.\"}]","ARIZONA GENERAL PARTNERSHIP AGREEMENT - Partnership agreement template | PDF"]