Partnership Agreement Template - Partnership Name and Purpose

Aug 31, 2026

Partnership Agreement defining the formation and operation of Jacobs & Lee Ventures for residential and commercial real estate development. It sets a start date of October 5, 2024, capital contributions of $50,000 cash from each partner, and a 50/50 allocation of profits and losses with quarterly distributions. The agreement governs shared decision-making, partner authority limits, roles, withdrawal and addition rules, dissolution and winding-up mechanics, mediation/arbitration dispute resolution, two-year non-compete and confidentiality obligations, amendment requirements, Illinois governing law, and miscellaneous enforceability clauses.

LanguageEnglish

CategoryLetters

FormatDOCX

Pages4

Reading Time2 min

AccessFree to download

1. Partnership Name and Purpose

2. Term of Partnership

3. Capital Contributions

4. Profit and Loss Allocation

5. Management and Decision-Making

6. Roles and Responsibilities

7. Addition or Withdrawal of Partners

8. Dissolution and Winding Up

9. Dispute Resolution

10. Non-Compete and Confidentiality

11. Amendment

12. Governing Law

13. Miscellaneous Provisions

Partnership Agreement This Partnership Agreement (“Agreement”) is made effective as of October 5, 2024, by and between: Evelyn Jacobs, residing at 123 Main Street, Springfield, IL ("Partner 1"), Samuel Lee, residing at 456 Elm Avenue, Oakwood, IL ("Partner 2"). Collectively, referred to as the “Partners.” 1. Partnership Name and Purpose 1.1 Name: The partnership shall operate under the name Jacobs & Lee Ventures. 1.2 Purpose: The purpose of the partnership is to engage in the business of real estate development, focusing on residential and commercial property projects. 2. Term of Partnership 2.1 Commencement: The Partnership shall commence on October 5, 2024, and continue until terminated under this Agreement. 3. Capital Contributions 3.1 Initial Contributions: Partner 1: $50,000 in cash. Partner 2: $50,000 in cash. 3.2 Additional Contributions: Additional contributions shall be made only upon written agreement by all Partners. 4. Profit and Loss Allocation 4.1 Profit and Loss Shares: Profits and losses shall be divided as follows: Partner 1: 50% Partner 2: 50% 4.2 Distributions: Profits shall be distributed quarterly or as otherwise agreed in writing by the Partners. 5. Management and Decision-Making 5.1 Management Structure: Each Partner has an equal say in management decisions, with votes weighted by profit share percentages. 5.2 Authority: No Partner may bind the Partnership to any agreement without prior written approval from the other Partner. 6. Roles and Responsibilities 6.1 General Duties: All Partners agree to actively participate in the business and devote the necessary time to manage the Partnership. 6.2 Specific Responsibilities: Partner 1: Oversee project acquisition and planning. Partner 2: Manage financial operations and investor relations. 7. Addition or Withdrawal of Partners 7.1 Withdrawal: A Partner may withdraw by providing 60 days’ written notice to the other Partner. 7.2 Addition of Partners: New Partners may join only by unanimous written consent of all existing Partners. 8. Dissolution and Winding Up 8.1 Dissolution: The Partnership will dissolve upon mutual consent, death/incapacity of a Partner, or bankruptcy. 8.2 Winding Up: Upon dissolution, assets shall be liquidated to pay liabilities, with any remaining assets distributed based on each Partner's profit share. 9. Dispute Resolution 9.1 Mediation/Arbitration: Disputes arising from this Agreement shall be resolved through mediation or, if unresolved, through binding arbitration in accordance with the American Arbitration Association. 10. Non-Compete and Confidentiality 10.1 Non-Compete: For two years following the termination of this Agreement, no Partner shall engage in a business that directly competes with the Partnership. 10.2 Confidentiality: Partners agree to maintain confidentiality regarding Partnership business, including proprietary information, customer data, and strategies. 11. Amendment 11.1 Amendments: Any amendments to this Agreement must be in writing and signed by all Partners. 12. Governing Law 12.1 Jurisdiction: This Agreement shall be governed by the laws of the State of Illinois. 13. Miscellaneous Provisions 13.1 Entire Agreement: This Agreement constitutes the entire understanding among the Partners and supersedes any prior agreements. 13.2 Severability: Should any provision of this Agreement be deemed invalid, the remaining provisions shall remain in full effect. 13.3 Binding Effect: This Agreement binds and benefits the Partners and their respective heirs, successors, and assigns. IN WITNESS WHEREOF, the undersigned have executed this Partnership Agreement as of the date first written above. Evelyn JacobsSignature: ___________________________Date: October 5, 2024 Samuel LeeSignature: ___________________________Date: October 5, 2024

FAQs

What is the partnership name and what business purpose does it cover?

The partnership operates under the name Jacobs & Lee Ventures. Its purpose is real estate development focused on residential and commercial property projects.

How are profits, losses, and distributions handled?

Profits and losses are divided 50% to Partner 1 and 50% to Partner 2. Profits are distributed quarterly or as otherwise agreed in writing.

What happens if a partner wants to withdraw or if new partners are added?

A partner may withdraw with 60 days’ written notice to the other partner. New partners can join only with unanimous written consent of all existing partners.

Aug 31, 2026

Upload by Olivia Brown