Partnership Agreement Quiz

This Partnership Agreement ("Agreement") dated on ____________ ("Effective Date") is associated with the following entity:

Entity Name: ____________ formed in the State of ____________ with a principal place of business at ____________ ("Partnership").

The Partnership is structured as a: (choose one)

• General Partnership (GP). All the Partners agree to hold equal personal responsibility in the Partnership's liabilities.

• Limited Partnership (LP). The General Partner(s) known as ____________ ("General Partner(s)") agree to bear all responsibility on behalf of the Partnership. All other Partners are limited partners.

• Limited Liability Partnership (LLP). Each Partner is liable for their own negligence or wrongful acts, not financial obligations.

• Limited Liability Limited Partnership (LLLP). The General Partner(s) known as ____________ ("General Partner(s)") and limited partners shall have limited liability.

Business Purpose. The Partnership’s primary business purpose is: ____________.

Term. This Agreement has an effective start date of ____________ and shall continue:

• In Perpetuity. This Agreement will exist indefinitely until the Partnership is dissolved or terminated, the processes for which are enumerated below ("Term").

• For a Fixed-Term. The Partnership will effectively end on ____________ ("Term").

Partner 1: ____________ with a mailing address of ____________ a.) Ownership: ____________ b.) Capital Contributions: ____________ c.) Signing Authority: Will the above-named Partner be able to sign contracts on behalf of the Partnership? Yes ☐ No ☐

Partner 2: ____________ with a mailing address of ____________ a.) Ownership: ____________ b.) Capital Contributions: ____________ c.) Signing Authority: Will the above-named Partner be able to sign contracts on behalf of the Partnership? Yes ☐ No ☐

Partner 3: ____________ with a mailing address of ____________ a.) Ownership: ____________

Will the above-named Partner be able to sign contracts on behalf of the Partnership?

• Yes

• No

Voting shall be based on:

• 2/3 Vote

• Majority Vote

• Ownership

• Equal Vote

• Unanimous Vote