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To conduct and manage the affairs of the partnership, [NAME] shall be managing partner. [NAME] shall
have the full authority to conduct, manage, operate, and arrange all the business affairs of the
partnership, to hire and fire other employees needed to carry on the business, determine the wages and
make contracts with the employees, enter into other contracts in the name of and for the partnership,
and in general do anything ordinarily done by the manager of a business.
5.
BOOKS OF ACCOUNT
One member of the partnership shall keep the books of account, and these books shall be open to
examination by any member at any reasonable time. Entries shall consist of all money received and
expended in and about the business, as well as all equipment or other material purchased for the
partnership with partnership funds, and all other matters involving money of the partnership.
6.
DIVISION OF PROFITS
At the end of each year, or at such time as the committee of the whole may decide, the profits of the
partnership shall be distributed in the following proportions: [DESCRIBE]. It is agreed, however, that the
expenses of the business shall be borne equally and that all operating expenses shall be deducted
before profit is determined.
7.
AMENDMENTS
It is agreed that this partnership agreement may be amended at any time or from time to time in the
judgment of the partners, but such amendments shall be formal and written and signed by all of the
partners.
IN WITNESS WHEREOF, the parties have executed this agreement at [DESIGNATE PLACE OF EXECUTION]
the day and year first above written.
FIRST PARTNER
SECOND PARTNER
Authorized Signature
Authorized Signature
Print Name and Title
Print Name and Title