This Partnership Agreement is made on _______________20 Between HICHAM EL
ANMARI and KRIZIA E. PROSDOCIMI.
- 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. - TERM.
The partnership shall begin on February 1 st , 2022, and shall continue until terminated as
herein provided. - 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 February 10 th, 2022, $13,000 and thereafter $2,000 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. - 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. - 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. - INTEREST.
No interest shall be paid on the initial contributions to the partnership’s capital or any
subsequent capital contributions. - 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. - 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. - 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:
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.
The partnership may also be terminated in the following events;
i. When one of the partners is found to be stealing from the business
ii. When one of the partners does not pay the rent and utilities on time
iii. When one partner behaves badly with the other.
iv. 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. - 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. - 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:
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. - 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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