Partnership agreement

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Partnership agreement

This PARTNERSHIP AGREEMENT is made on [date] between A and B. 
Term
The partnership shall begin on [date], and shall continue until terminated as herein provided. 
Capital
The capital of the partnership shall be contributed in cash by the partners as follows: A separate capital account shall be maintained for each partner. Neither partner shall withdraw any part of his capital account. Upon the demand of either partner, the capital accounts of the partners shall be maintained at all times in the proportions in which the partners share in the profits and losses of the partnership. 
Profit and loss
The net profits of the partnership shall be divided equally between the partners and the net losses shall be borne equally by them. A separate income account shall be maintained for each partner. Partnership profits and losses shall be charged or credited to the separate income account of each partner. If a partner has no credit balance in his income account, losses shall be charged to his capital account. 
Salaries and drawings
Neither partner shall receive any salary for services rendered to the partnership. Each partner may, from time to time, withdraw the credit balance in his income account.
Interest
No interest shall be paid on the initial contributions to the capital of the partnership or on any subsequent contributions of capital. 
Management duties and restrictions
The partners shall have equal rights in the management of the partnership business, and each partner shall devote his entire time to the conduct of the business. Without the consent of the other partner neither partner shall on behalf of the partnership borrow or lend money, or make, deliver, or accept any commercial paper, or execute any mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell or contract to sell any property for or of the partnership other than the type of property bought and sold in the regular course of its business.
Voluntary termination
The partnership may be dissolved at any time by agreement of the partners, in which event the partners shall proceed with reasonable promptness to liquidate the business of the partnership. The partnership name shall be sold with the other assets of the business. The assets of the partnership business shall be used and distributed in the following order: (a) to pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations; (b) to equalize the income accounts of the partners; (c) to discharge the balance of the income accounts of the partners; (d) to equalize the capital accounts of the partners; and (e) to discharge the balance of the capital accounts of the partners. 

AGREED that the parties of this agreement shall alternate custody of the children on each of the children's birthdays, parent's birthdays, New Year's Day, Fourth of July, Thanksgiving Day, and Easter Sunday, and it is further AGREED that the parties of the agreement split custody of the children on Christmas Day, and it is further AGREED that the natural mother shall have custody of the children on Mother's Day and that the natural father shall have custody of Father's Day, and it is further AGREED that the non-residential parent shall have the right to complete information from any physician, dentist, consultant or specialist attending to the children's physical or mental needs for any reason whatsoever, and to copies of any reports given to the other parent by such persons; and it is further AGREED that the non-residential parent shall have the right to converse at least three (3) times a week on the telephone with the children without interference from the residential parent, and it is further AGREED that the non-residential parent shall have the right of peaceful visitations with said minor children at all herein above times, and the right to have said children visit and converse on the telephone with the non-residential parent at all reasonable times and places; and it is further AGREED that neither party shall obstruct the development and maintenance of love and affection between the children and the other party. Neither will interfere with reasonable and proper companionship with the other party, including reasonable communication by telephone or writing. Neither will do or say anything that may estrange the children from the other parent. NAME NAME Subscribed and sworn before me this ____ day of ______________, 20__.