A partnership agreement is a legal document that outlines the relationship between two or more parties who have agreed to start a business together. In the Philippines, it is essential to have a partnership agreement to protect the interests of all parties involved. This document helps to establish the rights, duties, and responsibilities of each partner and sets out the terms and conditions under which the partnership will operate. If you are looking for a partnership agreement sample in the Philippines, this article will provide you with the necessary information.
Partnership Agreement Overview
A partnership agreement is a written contract that outlines the terms and conditions of a partnership. The document should include the names and addresses of all partners, the name of the partnership, the purpose of the partnership, the duration of the partnership, the capital contributions of each partner, the distribution of profits and losses, and the decision-making process.
Partnership Agreement Sample in the Philippines
The following is an example of a partnership agreement in the Philippines:
Partnership Agreement
This Partnership Agreement (the “Agreement”) is made by and between [Partner 1] and [Partner 2]. The Parties hereby agree as follows:
1. Partnership Name and Purpose
The name of the partnership shall be [Insert Partnership Name Here]. The purpose of the partnership is to engage in the business of [Insert Business Purpose Here].
2. Capital Contributions
The capital contribution of each partner shall be as follows:
[Partner 1]: [Insert Capital Contribution Amount Here]
[Partner 2]: [Insert Capital Contribution Amount Here]
3. Profits and Losses
The profits and losses of the partnership shall be distributed in accordance with the following percentages:
[Partner 1]: [Insert Percentage Here]
[Partner 2]: [Insert Percentage Here]
4. Management and Decision-Making
The management and decision-making of the partnership shall be as follows:
[Insert Decision-Making Process Here]
5. Duration
The duration of the partnership shall be [Insert Duration Here].
6. Termination
The partnership may be terminated under the following conditions:
[Insert Termination Conditions Here]
7. Dispute Resolution
Any disputes arising out of or in connection with this Agreement shall be resolved through arbitration in accordance with the rules of the Philippine Dispute Resolution Center.
8. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the Philippines.
9. Entire Agreement
This Agreement constitutes the entire agreement between the parties and supersedes all prior understandings or agreements, whether written or verbal.
10. Amendments
This Agreement may be amended or modified only in writing and signed by both parties.
In Conclusion
A partnership agreement is a crucial document that outlines the terms and conditions of a partnership. It is essential to have a partnership agreement to protect the interests of all parties involved and to ensure that the partnership operates smoothly and efficiently. The above partnership agreement sample in the Philippines should serve as a helpful guide in creating a legally binding document for your business partnership. Always seek legal advice before finalizing any agreements.
