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Free Tennessee Partnership Agreement

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Create your Partnership Agreement
Place of Business:
Different states have different rules and regulations.
Partnership Agreement will be customized for .

Partnership Information
Partnership name:
Street address:
City:
State:
ZIP code:

Business Purpose
What are the usual business activities of the Partnership?
(e.g. Automobile restoration)

Partnership Start Date
What is the start date for your Partnership?

Fixed Term Partnership
The partnership will continue:
- Indefinitely (until terminated by the Partners)
- Until a specified date (Fixed Term)
Fixed Term End Date:

Partner Information
First Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
Second Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Third Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Fourth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Fifth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Sixth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Seventh Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Eighth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Ninth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Tenth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Eleventh Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Twelfth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Thirteenth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Fourteenth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Fifteenth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Sixteenth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Seventeenth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Eighteenth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Nineteenth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)
- Add another partner
Twentieth Partner
Type:
- Individual
- Corporation
- Partnership, Trust or LLC
Name:
Address:
(e.g. Street, City, State ZIP Code)

Partner Contributions
Provide a description of each Partner's capital contributions
Partner #1
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #1:
Partner #2
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #2:
Partner #3
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #3:
Partner #4
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #4:
Partner #5
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #5:
Partner #6
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #6:
Partner #7
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #7:
Partner #8
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #8:
Partner #9
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #9:
Partner #10
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #10:
Partner #11
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #11:
Partner #12
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #12:
Partner #13
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #13:
Partner #14
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #14:
Partner #15
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #15:
Partner #16
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #16:
Partner #17
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #17:
Partner #18
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #18:
Partner #19
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #19:
Partner #20
Describe ALL contributions made by this Partner:
Value of all contributions made by Partner #20:

Profit and Loss Distribution
How will your profits and losses be distributed?
- Equal share
- In proportion to capital contributions
- Fixed percent
What is each Partner's share of profit or loss?
Partner #1's profit/loss share:
Partner #2's profit/loss share:
Partner #3's profit/loss share:
Partner #4's profit/loss share:
Partner #5's profit/loss share:
Partner #6's profit/loss share:
Partner #7's profit/loss share:
Partner #8's profit/loss share:
Partner #9's profit/loss share:
Partner #10's profit/loss share:
Partner #11's profit/loss share:
Partner #12's profit/loss share:
Partner #13's profit/loss share:
Partner #14's profit/loss share:
Partner #15's profit/loss share:
Partner #16's profit/loss share:
Partner #17's profit/loss share:
Partner #18's profit/loss share:
Partner #19's profit/loss share:
Partner #20's profit/loss share:
Remember: The total for all Partners should equal 100.00%

New Partners
Will your Partnership allow new Partners in future?
- Yes
- No
What is required to admit a new Partner?
- Majority vote
- Unanimous vote

When a Partner wants to leave
What is the notice period required before a Partner can withdraw?
- Three Months
- Six Months
- One Year
- Two Years
Will your Partnership dissolve on withdrawal of any Partner?
- Yes
- No
After a Partner leaves, that Partner cannot compete against your Partnership for:
- Three Months
- Six Months
- One Year
- Two Years

Dissolving the Partnership
What vote is required to dissolve your Partnership?
- Majority vote
- Unanimous vote (recommended)
How will assets be distributed when dissolving your Partnership?
- Equal share for each Partner
- In proportion to capital contributions
- Fixed percent
What percent of the final dissolution distribution will each Partner receive?
Partner #1's dissolution share:
Partner #2's dissolution share:
Partner #3's dissolution share:
Partner #4's dissolution share:
Partner #5's dissolution share:
Partner #6's dissolution share:
Partner #7's dissolution share:
Partner #8's dissolution share:
Partner #9's dissolution share:
Partner #10's dissolution share:
Partner #11's dissolution share:
Partner #12's dissolution share:
Partner #13's dissolution share:
Partner #14's dissolution share:
Partner #15's dissolution share:
Partner #16's dissolution share:
Partner #17's dissolution share:
Partner #18's dissolution share:
Partner #19's dissolution share:
Partner #20's dissolution share:
Remember: The total for all Partners should equal 100.00%

Partner Compensation
Will the Partners receive compensation for work done for the Partnership?
- Yes
- No
- Do Not Specify

Tax Elections
Do you wish to elect out of the unified audit rules?
- Yes, every year if eligible
- The Partnership will decide annually
Will the Partnership pass any assessed liability to its partners?
- Yes, in every case
- The Partnership will decide in each case
Who will be your Partnership Representative?
- Partner #1
- Partner #2
- Partner #3
- Partner #4
- Partner #5
- Partner #6
- Partner #7
- Partner #8
- Partner #9
- Partner #10
- Partner #11
- Partner #12
- Partner #13
- Partner #14
- Partner #15
- Partner #16
- Partner #17
- Partner #18
- Partner #19
- Partner #20
- Independent Professional
- Unsure/No Appointment
(e.g. tax attorney firm or accounting firm)
Selected Partnership Representative
Will the Partners indemnify the Partnership Representative?
- Yes
- No
How will the Partnership approve general decisions of the Partnership Representative?
- Majority Vote
- Unanimous Vote
How will the Partnership approve tax settlements proposed by the Partnership Representative?
- Majority Vote
- Unanimous Vote

Fiscal Year End
What is your fiscal year end?
What is your fiscal year end?

Annual Reports
In addition to the federal income tax report, what other reports do you want to include in your annual report to Partners?
- Supporting income statement
- Balance sheet
- Cash flow statement
- Profit and loss summary

Management
Who will be responsible for the day-to-day management of your Partnership?
- All Partners participate
- Managing Partner
Major issues would still be determined with a vote of the Partners.
Who will be the Managing Partner?
- Partner #1
- Partner #2
- Partner #3
- Partner #4
- Partner #5
- Partner #6
- Partner #7
- Partner #8
- Partner #9
- Partner #10
- Partner #11
- Partner #12
- Partner #13
- Partner #14
- Partner #15
- Partner #16
- Partner #17
- Partner #18
- Partner #19
- Partner #20
- Unsure
Selected Managing Partner
If necessary, how will you remove a Managing Partner?
- Unanimous vote of remaining Partners
- Majority vote of remaining Partners

Binding the Partnership in Contract
Who can bind your Partnership in contract?
- Any Partner
- Partnership vote
Who can bind your Partnership in contract?
- Any Partner
- Partnership vote
- Managing Partner
Percent vote to bind Partners in contract:
- Majority vote
- Unanimous vote

Partner Meetings
When will regular meetings be held?
- Weekly
- Monthly
- Quarterly
- Annually
- Only as required
Who can request special meetings?
- Any Partner
- Majority of Partners
- Do Not Specify

Voting
How will Partnership votes be determined?
- In proportion to capital contributions
- In proportion to profit share
- An equal vote for each Partner
What vote will be required to make financial decisions?
- Majority vote
- Unanimous vote
What vote will be required to make significant business decisions?
- Majority vote
- Unanimous vote

Unanimous Consent
Which decisions will require the consent of all Partners?
- Who can sign company checks.
- Assume new debts over a certain amount.
Single liability expense limit:
(e.g. 25000, 100000)
- Assume new expenses over a certain amount.
Single transaction expense limit:
(e.g. 25000, 100000)
- Sell a Partnership asset over a certain value.
Fair market value limit:
(e.g. 25000, 100000)
- Hire new employees where salary is over a certain amount.
Annual salary limit:
(e.g. 25000, 100000)
- Fire employees.
- Release Partnership claims except for payment in full.
- Decisions affecting the unusual use or lending of Partnership equipment.

Additional Clauses
Do you want to include any additional terms or information?
- Yes
- No
Additional Clause
First Additional Clause
- Add Another Clause
Second Additional Clause
- Add Another Clause
Third Additional Clause
- Add Another Clause
Fourth Additional Clause
- Add Another Clause
Fifth Additional Clause

Sign & Witness
When will your agreement be signed?
- Today
- This Month
- Unsure
- Specify Date
Are witness signatures needed?
- Yes
- No

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Step 1 of 22

Create your Partnership Agreement

Partnership Information

Business Purpose

Partnership Start Date

Fixed Term Partnership

Partner Information

First Partner

Second Partner

Third Partner

Fourth Partner

Fifth Partner

Sixth Partner

Seventh Partner

Eighth Partner

Ninth Partner

Tenth Partner

Eleventh Partner

Twelfth Partner

Thirteenth Partner

Fourteenth Partner

Fifteenth Partner

Sixteenth Partner

Seventeenth Partner

Eighteenth Partner

Nineteenth Partner

Twentieth Partner

Partner Contributions

Provide a description of each Partner's capital contributions

Partner #1

Partner #2

Partner #3

Partner #4

Partner #5

Partner #6

Partner #7

Partner #8

Partner #9

Partner #10

Partner #11

Partner #12

Partner #13

Partner #14

Partner #15

Partner #16

Partner #17

Partner #18

Partner #19

Partner #20

Profit and Loss Distribution

What is each Partner's share of profit or loss?

New Partners

When a Partner wants to leave

Dissolving the Partnership

What percent of the final dissolution distribution will each Partner receive?

Partner Compensation

Tax Elections

Fiscal Year End

Annual Reports

Management

Binding the Partnership in Contract

Partner Meetings

Voting

Unanimous Consent

Additional Clauses

Sign & Witness

Please wait, your document is being prepared.