PARTNERSHIP AGREEMENT
This Partnership Agreement (hereinafter referred to as the “Agreement”) is made on
__________________20___ Between PHILIP SCHAFMAYER (referred to as
“Partner A”) and JEFFREY ARTEAGA (owner of AdVet Inc.) (Referred to as
“Partner B”). Together referred to as the “Parties/Partners”.
WHEREAS Partner A is a Certified Master Dog Groomer/Teacher and Partner B is
the owner of a 2017 Sprinter Van converted to a pet grooming salon on wheels,
Parties have agreed to form a partnership known as LUXE Mobile Pet Styling LLC
and be legally bound by the following terms; –
1. Term.
The partnership shall begin on the date signed by the parties below (hereinafter
referred to as the “Effective Date”) and continue indefinitely until terminated.
2. Shares/Ownership.
The parties herein agree that the partnership and/or business LUXE Mobile Pet
Styling shall be owned in the ratio 50:50 between the above-named two partners.
3. Finance.
The total grooming Van finance cost is $103,000 under Jeffrey Artega Credit. Every
working day for the van $125 of the profit shall be used to pay the van loan.
Parties further agree that before adding and purchasing another Sprinter Van the
original 2017 Sprinter Van loan needs to be at least 50% paid off.
4. Profit and Loss.
The partnership’s net profits shall be divided according to the ratios shared between
the partners, and the net losses shall be borne similarly.
5. Banking.
All partnership funds shall be deposited in its name in such checking accounts or
accounts designated by the partners. All withdrawals are to be made upon checks
signed by either partner.
6. Obligations.
Parties herein agree and acknowledge to the following; –
i. Jeffrey will drive the van and work as a bather (Philip’s assistant) while being
trained to become a master groomer at least 20 hours a week for at least 12
months.
ii. Jeffrey will pay the overhead expenses at the start until the business starts to
generate cashflow.
iii. Philip will work as a groomer 4 to 5 days or at least 40 hours a week.
iv. Within 12 months Philip will train a new upcoming groomer to take over the
van route and to start a new route.
v. The groomer must be ready and qualified to be alone in the van before buying
a new grooming van.
7. Termination.
The partnership may be dissolved at any time in the event any party fails to deliver
their task within 14 days.
8. Intellectual Property.
The parties herein agree that Partner B owns AdVet Inc. which owns a shampoo
brand name AdVet Inc. that will remain his property and hereby agrees for the
product to be used in the van and be available for sale in the event a customer is
interested.
9. Dispute Resolution.
Any controversy or claim arising out of or relating to this Agreement, or the breach
thereof, shall be settled by arbitration in accordance with the rules and judgment
upon the award rendered may be entered in any court having jurisdiction thereof.
10. Governing Law.
This Agreement shall be construed, governed, interpreted, and applied according to
the Laws of Connecticut.
Parties further agree that any significant legal decisions shall be subjected to a vote
between the partners.
11. Waiver.
The waiver by either party of the breach of any covenant or provision in this
Agreement shall not operate or be construed as a waiver of any subsequent breach
by either party.
12. Severability.
In the event a court of competent jurisdiction declares any term or provision of this
Agreement to be invalid or unenforceable for any reason, this Agreement will remain
in full force and effect and either:
a. The invalid or unenforceable provision(s) will be modified to the minimum
extent necessary to make such provision(s) valid and enforceable; or
b. If such a modification is not possible, this Agreement will be interpreted as if
such invalid or unenforceable provision(s) were not a part of this Agreement.
13. Amendment of Agreement.
This agreement cannot be amended without the written consent of all partners.
IN WITNESS WHEREOF, the parties hereunto set their signatures and
acknowledged this Agreement as the date first above written.
Signed by Partner A; –
Signature:
__________________________
Designation:
________________________
Date:
______________________________
Email Address:
_____________________
Signed by Partner B; –
Signature:
__________________________
Designation:
_________________________
Date:
_______________________________
Email Address:
_____________________
At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )