PARTNERSHIP AGREEMENT
This Partnership Agreement is made on
__________________20___ Between XXX LLC (hereinafter
referred to as the “Company”) and XXX ; XXX
(hereinafter referred to as the “partners”). Together referred to as “parties”.
WHEREAS the parties agree that the company has many aspects specializing in
different areas, and the one applicable to this Agreement is the one that specializes
in Affordable Care Act Insurance (ACA);
WHEREAS the partners are desirous of being partners in the specified
portion/aspect of the company; and
WHEREAS the company is willing to share the business with the partner.
The parties herein agree to be legally bound by the following terms; –
1. Term.
This partnership shall begin on the date of signing and continue until terminated as
herein provided.
2. Share.
The partnership shall be owned equally among the three, with each party having the
ratioed rights to the business management.
3. Profit and Loss.
The partnership’s net profits shall be divided equally amongst the partners, and the
net losses shall also be borne equally.
4. Management Duties and Restrictions.
The partners shall have equal rights in managing the partnership business, and each
partner shall devote their time to the company’s conduct. Without the consent of the
other partners, 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, 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.
5. Banking.
All partnership funds shall be deposited in its name in such checking account or
accounts designated by the partners. All withdrawals are to be made upon cheques
signed by either partner.
6. Termination.
The partnership may be dissolved at any time by agreement of the partners, in which
the partners shall proceed with reasonable promptness to liquidate the partnership’s
business.
7. Death.
Upon the death of either partner, the surviving partner(s) shall have the right to
purchase the deceased’s interest in the partnership or terminate and liquidate the
partnership business.
8. Dispute Resolution.
Any controversy or claim arising out of or relating to this Agreement, or the breach
thereof, shall be settled by mediation in accordance with the rules of Florida.
9. Governing Law.
This Agreement shall be construed, governed, interpreted, and applied according to
the Laws of the state of Florida.
10. 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.
11. 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.
12. Amendment of Agreement.
This Agreement cannot be amended without the written consent of all partners.
IN WITNESS WHEREOF, the partners hereunto set their signatures and
acknowledged this Agreement as the date first above written.
By FIDES INSURANCE LLC; –
Signature:
__________________________
Designation:
________________________
Date:
______________________________
Email Address:
_____________________
By XXX; –
Signature:
__________________________
Date:
_______________________________
Email Address:
_______________________
By XXX; –
Signature:
__________________________
Date:
_______________________________
Email Address:
_______________________
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