The partner (s) has the first right to acquire the fraudster`s shares in the partnership from the heirs and/or beneficiaries of the transfer of the partner, or to terminate the activity of the partnership and liquidate it. The partners must send a written notification to the executor, the administrator, the beneficiaries of the transfer or to the known rightful heirs at the most recent address known to that heir, in order to acquire the fraudster`s shares in the company. With this agreement, the partners enter into a general partnership (the “partnership”) in accordance with New York State laws. The initial partnership capital would be $1100,000 (one million, one hundred thousand dollars). Each partner contributes to the capital of the partnership in cash, ownership or services in agreed value as follows: [Sender.Name] Contributions: [Recipient.Name] Contributions: Partners agree that their ownership in the partnership is considered equivalent for operational purposes, while gross profits are distributed in accordance with the actual percentage of the total initial capital of each partner invested in the partnership. A liquidator or a similar third party who can acquire the shares of the separate partner in the partnership acquires only the economic rights and interests of that partner. Other rights are not acquired by the agent and the acquisition of the economic rights and interests of the participation of the separate partner is not an admission to the partnership. The agent has no voting rights and does not exercise any part of the management of the partnership. This partnership agreement is considered legally binding for both parties and is not amended or repealed without the written agreement of both parties. This partnership ends with the death, bankruptcy or incompetence of a partner. In this case, where the partnership has more than two partners, the remaining partners act as agents on behalf of the former partner and immediately resolve the partnership`s affairs, unless the remaining partners agree to continue the partnership`s activities.
The name of the partnership is John and John Partners. The partnership is called [Partnership.Name]. The companies listed above agree to participate jointly in this partnership, which has a business address in principle under [Partnership.Address]. The partnership agreement can be amended by the written and unanimous vote of all partners to include new partners. The name of the partnership can be changed if a new partner is added to the partnership with the written and unanimous vote of all current partners. The death or bankruptcy of one party confers on the other party the exclusive right to acquire the share of the opposing partners in the company, in accordance with that partner`s initial contribution. A business partnership model contains the following details and content that you need to complete before signing the document. Value, trade name, patents or other intangible assets are not taken into account unless these assets were included in the company books immediately prior to the death of the deceased; However, the survivor has the right to use the commercial name of the partnership. Unless otherwise stated, the liquidation and asset allocation procedure of the company is the same as that indicated in the section on voluntary termination. If this partnership agreement is terminated for any reason, all assets of the partnership will be liquidated by public auction. Once all remaining receivables have been settled, the remaining profits will be passed on to the partners based on their initial share of capital.
In addition, a joint partnership form may also include the ability to define additional partners with their respective shares and capital in the future, as well as the possibility of defining leadership positions within the partnership.