Free South Dakota Partnership Agreement

IN CONSIDERATION OF and as a condition of the Partners entering into this Agreement and other valuable consideration, the receipt and sufficiency of which consideration is acknowledged, the parties to this Agreement agree as follows:

Place of Business

Withdrawal of Capital

Interest on Capital

Profit and Loss

Compensation for Services Rendered

Books of Account

1. a statement of all information as will be necessary for the preparation of each Partner's income or other tax returns;
   
2. a copy of the Partnership's federal income tax returns for that fiscal year;
   
3. a breakdown of the profit and loss attributable to each Partner; and
   
4. any additional information that the Partners may require.
   

Banking and Partnership Funds

Contract Binding Authority

Admitting a New Partner

Voluntary Withdrawal of a Partner

Involuntary Withdrawal of a Partner

Dissociation of a Partner

Distribution of Property on Dissolution of Partnership

1. in satisfaction of liabilities to creditors except Partnership obligations to current Partners;
   
2. in satisfaction of Partnership debt obligations to current Partners; and then
   
3. to the Partners according to the Dissolution Distribution described above.
   

Valuation of Interest

Title to Partnership Property

Duty of Loyalty

Duty of Accountability for Private Profits

Duty to Devote Time

1. "Additional Capital Contributions" means Capital Contributions, other than Initial Capital Contributions, made by Partners to the Partnership.
   
2. "Capital Contribution" means the total amount of cash or Property contributed to the Partnership by any one Partner.
   
3. "Dissociated Partner" means any Partner who is removed from the Partnership through a voluntary or involuntary withdrawal as provided in this Agreement.
   
4. "Expulsion of a Partner" can occur on application by the Partnership or another Partner, where it has been determined that the Partner:
   
   1. Has engaged in wrongful conduct that adversely and materially affected the Partnership's business;
      
   2. Has willfully or persistently committed a material breach of this Agreement or of a duty owed to the Partnership or to the other Partners; or
      
   3. Has engaged in conduct relating to the Partnership's business that makes it not reasonably practicable to carry on the business with the Partner.
      

   IN WITNESS WHEREOF the Partners have duly affixed their signatures under hand and seal on this 3rd day of _____________ .

   SIGNED, SEALED, AND DELIVERED

   in the presence of:

   Witness Name: ____________________________

   Witness Name: ____________________________

   Partnership Agreement in South Dakota – Mistakes to Avoid When Creating a Partnership

   Some of the biggest business corporations that we wish to emulate started out as partnership businesses, which is why partnerships are among the most attractive business structures out there. Unfortunately, not all partnerships that start out well end successfully. Often, the reason for failure stems from the absence of some structures being put in place. Thankfully, this is a risk that you can avoid with ease, if only you follow specific guidelines. Even better, you could reduce the risk of failure by creating a partnership agreement.

   A partnership agreement refers to the legally binding instrument that outlines the rules and the responsibilities of the partners, as well as the roles and the relationships of the partners. Also called a partnership contract, a business partnership agreement or a general partnership agreement, the agreement for business partnerships would ensure the smooth running of the business, by offering guidance regarding for the business, while also ensuring that conflicts are resolved effortlessly.

   To help you get started on the right path, we recommend getting started with our South Dakota partnership agreement form. The partnership agreement in South Dakota created through the use of the partnership agreement form would ensure that you have all the essential elements needed to ensure the smooth operation of your business.

   That said, here are some of the mistakes you might want to avoid to ensure the success of your partnership business.

   Failure to create a written/ signed partnership agreement

   Partnering with the wrong people

   Mistakes Around Capital and Expenses Distribution

   Absence of an Exit Strategy

   The good news is that you could avoid all these mistakes and set your business by creating a partnership agreement.

   To get started and to create the partnership agreement that’s best for your business, get our partnership agreement forms accessible from Pierre, Aberdeen, Sioux Falls, Rapid City, Watertown, and all the other cities in South Dakota.

   Sample South Dakota Partnership Agreement

   

   Sample South Dakota Partnership Agreement

   Sample South Dakota Partnership Agreement

   

   SD Partnership Agreement

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