Essay about Corporation and Partner

Submitted By tiacombs1
Words: 932
Pages: 4

LIMITED LIABILITY COMPANY - PARTNERSHIP / MEMBER AGREEMENT

THIS LLC PARTNER AGREEMENT IS ENTERED INTO this _______________ day of ______________, 20_______ by and between the following persons whose names and addresses are set forth below:
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NAME

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NAME

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NAME

IT IS MUTUALLY AGREED that upon the commencement date of this LLC partnership agreement, the above named persons shall be deemed to have become partners in business. The terms and conditions of this partnership are as follows:
1. NAME - The firm name shall be
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DBA

2. PRINCIPLE PLACE OF BUSINESS - The principle place of business shall be
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3. PURPOSE - The partnership is formed for the purpose of conducting business, including associated business activities, as follows:
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4. TERM - The partnership shall commence/renew on the START DATE, and continue until the END DATE as follows. If TERM commences beyond said dates, conditions of this agreement still remain active until modified as stated in #12 below.

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START DATE
MONTH

DATE

YEAR
20
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END DATE
MONTH

DATE

YEAR
20

5. CAPITAL CONTRIBUTION & DISTRIBUTION OF PROFITS AND LOSSES - No interest shall be paid on the initial contributions to the capital of the partnership or any subsequent contributions to capital or on any undrawn profits of any partner which are credited to his/her account.
CAPITAL CONTRIBUTION
NAME OF PARTNER
LIST SPECIFIC
CONTRIBUTIONS
AGREED UPON
CASH VALUE OF CONTRIBUTION
PERCENTAGE DISTRIBUTION OF
PROFITS AND LOSS
NAME OF PARTNER
LIST SPECIFIC
CONTRIBUTIONS
AGREED UPON
CASH VALUE OF CONTRIBUTION
PERCENTAGE DISTRIBUTION OF
PROFITS AND LOSS

6. BANKING - It is agreed that during the continuance of the LLC herein, all notes, drafts or money received for and in behalf of the said LLC and by the parties hereto shall be deposited in a bank to be agreed upon by the parties hereto and the moneys credited to said LLC shall only be withdrawn by check, ATM, or direct deposit by CEO or CEO approved partner or member. If in the amount over $5,000.00 the draw shall be approved by any TWO of the partners whose names appears below:
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NAME

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NAME

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NAME

7. BOOKS - It is agreed by said parties, that there shall be kept at all times during the continuance of their partnership, just, and true books of account; wherein all partners shall enter all money received and expended, as well as all other matters relative to the business or management thereof; and that all partners shall have access thereto, without interruption or hindrance by the other.
8. TERMINATION OF PARTNERSHIP - It is hereby agreed by all parties that at the termination of the partnership or a partner, the said partners shall within a period of thirty (30) days, give a true and final account of all things relating to their business including money, goods, wares, fixtures, and all other properties, which after payment of the partnerships liabilities, shall be divided between them in the same percentages as were profits and losses and within a period of ninety (90) days, truly adjust all matters with the departing partner. At no point can the partner or partners sell their contribution to outside entities. Buy outs will only be made to the departing partner and/or partners; and should said partners be unable to ascertain the value of any of the assets belonging to the partnership, said assets shall then be sold either at private or public sale to be agreed upon by the parties hereto and a division of the proceeds of said sale shall be divided as herein provided.
9. DEATH OF A PARTNER - In the event of the death of a party hereto, the surviving partner(s), shall within a period of thirty (30) days, give to the legal representative of the deceased partner, a true and final account of all things…