Michigan Partnership Agreement Long Form

A partnership agreement is a document that formalizes the partnership of two or more people not a husband and wife in their ownership of a for profit business. The Partnership Agreement – Long Form differs from the Short Form because it includes additional provisions governing termination, buyout of a partner and other subjects. Among others, this form includes the following key provisions Name of Business Identifies the Name of the business Principal Place of Business Identifies the principal place of business, this identifies the residence of the business for legal purposes Term Clarifies the term of the agreement Capital Contribution Identifies the amount of capital to be contributed Profits and Losses Describes how profits and losses will be shared among the partners Management Clarifies the management of the partnership Transfer of Partnership Interests and Rights Describes how and when partnership interests and rights may be transfered Termination of Partnership Describes the terms surrounding the termination of the partnership This attorney prepared packet includes Instructions and Checklist for the Partnership Agreement Information about the Partnership Agreement Partnership Agreement Long Form State Law Compliance This form complies with the laws of Michigan