PARTNERSHIP AGREEMENT

February 3, 2023

PARTNERSHIP AGREEMENT

This Partnership Agreement  is made on __________________20___ Between HICHAM EL ANMARI and KRIZIA E. PROSDOCIMI.

  1. NAME AND BUSINESS

The parties hereby agree to form a partnership to operate a business known as MY HABIBI SMOKE SHOP LLC.

The principal office of the business shall be at 10911 Biscayne Blvd, Miami, fl 33161.

  1. TERM

The partnership shall begin on January 1st, 2022, and shall continue until terminated as herein provided.

  1. CAPITAL

KRIZIA E. PROSDOCIMI shall pay HICHAM EL ANMARI half of the investment amount used in opening the new partnership agreement.

The total cost of the business is agreed at $31,696. KIRIZIA E. PROSDOCIMI agrees to remit as of January 10th, 2022, $8,000 and thereafter $7,000 having accumulatively accruing 50% of the partnership.

  • SHARE.

The partnership shall be owned in equal shares at 50:50, with both parties having equal rights to the business management.

  1. PROFIT AND LOSS

The partnership’s net profits shall be divided equally (50:50) between the partners, and the net losses shall be borne equally by them. 

  1. 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 their income account.

  1. INTEREST

No interest shall be paid on the initial contributions to the partnership’s capital or any subsequent capital contributions.

  1. MANAGEMENT DUTIES AND RESTRICTIONS

The partners shall have equal rights in the management of the partnership business, and each partner shall devote their entire time to the company’s conduct. 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.

  1. BANKING

All partnership funds shall be deposited in its name in such checking account or accounts as shall be designated by the partners. All withdrawals are to be made upon checks signed by either partner.

  1. 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 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: 

  1. To pay or provide for the payment of all partnership liabilities and liquidating expenses and obligations; 
  2. To equalize the income accounts of the partners; 
  3. To discharge the balance of the income accounts of the partners; 
  4. To equalize the capital accounts of the partners; and 
  5. To discharge the balance of the capital accounts of the partners.

The partnership may also be terminated in the following events;

  1. When one of the partners is found to be stealing from the business
  2. When one of the partners does not pay the rent and utilities on time
  3. When one partner behaves badly with the other.
  4. When one partner is disrespectful or creates moral harassment at place of work and towards the other partner.

The partnership will be dissolved in case of any of the above-mentioned circumstances and the wronged partner shall have the right to 50% compensation from the partnership.

  1. DEATH

Upon the death of either partner, the surviving partner shall have the right to purchase the deceased’s interest in the partnership or terminate and liquidate the partnership business. 

  1. 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, then obtaining, of the American Arbitration Association, and judgment upon the award rendered may be entered in any court having jurisdiction thereof.

  • GOVERNING LAW.

This Agreement shall be construed, governed, interpreted, and applied according to the Laws of the State of Florida.

  • 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.

  • 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: 

  1. The invalid or unenforceable provision(s) will be modified to the minimum extent necessary to make such provision(s) valid and enforceable; or 
  2. 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.

 

  • 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.

 

HICHAM EL ANMARI.

Signature: _____________________________

Date: ______________________________

Email Address: _____________________

KRIZIA E. PROSDOCIMI.

Signature: _____________________________

Date: _________________________________

Email Address: _____________________

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