BUSINESS PARTNERSHIP AGREEMENT.
This Business Partnership Agreement (hereinafter referred to as the “Agreement”) is made and entered on this ____ day of _____ 2021 (the “Effective Date”), between Sameer Munishi, owner of Hummus Way Restaurant, Contact Info: __________________ (hereinafter referred to as the “Partner A”), and Zeia Syed, Contact Info: ______________ (herein referred to as the “Partner B”).
WHEREAS, the Partnership covered under this Agreement is for the purchase of the _____________________ restaurant located in Temecula, CA.
WHEREAS, any previous restaurants owned by Partner A such as the one located in Orange, CA shall remain Partner A’s property and shall not be subject to the terms stated under this Agreement. Any and all restaurants acquired under the new partnership shall be owned by both Partners.
NOW THEREOF, in consideration of the mutual covenants and promises made by the Parties hereto, the Parties covenant and agree as follows:
The initial term of this Agreement shall be for a period indefinite commencing on the Effective Date herein, or until Parties decide to dispose the restaurant or either party or until either party opts out of the partnership.
INVESTMENT.-a. Partner A shall invest Fifteen Thousand Dollars ($15,000) into the purchase of the restaurant.
b. Partner B shall invest Sixty Thousand Dollars ($60,000) into the purchase of the restaurant.
EQUITY/PROFIT/SALARY.-The Partners agree to an equal 50/50 equity/profit split. Partner A shall receive a monthly salary of Two Thousand Five Hundred Dollars ($2,500), while Partner B receives no salary.
SALE OF THE RESTAURANT.-If the Parties decide to dispose the restaurant in future, Partner B shall receive their investment of Sixty Thousand Dollars back, Partner A shall receive back their investment of Fifteen Thousand Dollars and the profits from the sale shall be split equally at 50/50 between the Partners.
- PARTNER OBLIGATIONS.
- Partner A shall be responsible for the complete day-to-day operations of the restaurant by ensuring that the restaurant operations are running smoothly, which shall include customer service, the inventory, staff and general upkeep of the restaurant.
- Partner B shall be responsible for marketing the restaurant through website and social media maintenance. Shall also offer strategic guidance and be responsible for planning for the future acquisitions for the business.
- DISPUTE RESOLUTION.
In the event of disputes arising about the execution of this Agreement and/or performance of obligations stated herein, the Partners shall solve such issues through a mediation process.
- MODIFICATION, GOVERNING LAW AND JURISDICTION.
- This Agreement contains the entire Agreement between the Partners relating to the subject matter hereof and supersedes any and all prior agreements or understandings, written or oral, between the parties related to the subject matter hereof. No modification of this Agreement shall be valid unless made in writing and signed by both Partners hereto.
- This Agreement shall be governed by and construed in accordance with the laws of the State of California, USA. Exclusive jurisdiction and venue shall be in California, USA.
IN WITNESS WHEREOF, this Agreement has been executed by the parties as of the Effective Date:
PARTNER A. PARTNER B.
NAME: ___________________________ __________________________________
ADDRESS: ________________________ __________________________________
PHONE NUMBER: __________________ __________________________________
EMAIL: ____________________________ __________________________________
SIGNATURE: ______________________ _________________________________
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