General Partnership Agreement
1. Object
The object of the agreement is the organization of a partnership
in order to implement the ______________Laundromat, services
project.
2. Type of Business
The partners voluntarily together as general partners for the
purpose conducting the general business of
______________________________.
3. Definition of Partners
In this agreement the partners shall be:
The lead partners (executives), as the organization responsible
for the overall project and are the sole responsible party to the
Contracting Authority for the program concerning the due
implementation of the project.
The project partners, as the organization responsible for the
activities of the project as stated in the project plan, according to
the work plan, the implementation schedule and the budget.
4. Project core coordination
The project will be managed by the applicant in close cooperation
and in continuous consultations with a Core Coordination
Committee that will be created ad-hoc and will comprise the one
or two members assigned.
The CC will be the reference persons for the applicant in terms of
coordinating with the partners, ensuring that activities and tasks
assigned are completed as per the deadlines and milestones,
monitoring is regular and corrective measures are taken,
providing inputs for producing quality action outputs.
Keep the project partners update, on regular basics of every
Quarter on profits & loss.
Inform the project partners about all essential issues connected
to the project implementation without any delay and give them
information on current modifications or news relating to the
program and the project.
Classification: Birlasoft Public
Carry out the projects overall accounting and produce all
documents required for the planned internal checkup/audit.
5. Project Partners
Respect all the rules and obligations set forth in the subsidy
contract and the letters of commitment they signed for the
project plan.
They can share the ideas how can reduce the expenditures.
All the partners are directly or indirectly responsible for business
profit/loss.
6. Capital contribution
The capital contribution of each partner to the partnership shall
consist of the following property, services or cash which each
partner agree to contribute.
Name of the Capital Agreed upon %Share
owner contribution Rules (ex., Rs.100)
Lekkala Venu 300000 21.42
D Sateesh 400000 28.57
D Anil Kumar 400000 28.57
D Kartheek 300000 21.42
*above are example items for now.
7. Profits,Loss & shares:
Profits & Loss are never belongs to whole & sole property,
either profit or loss of business is applicable for all the partners &
core.
Expected or estimated business for quarter 3 & 4 & mainly Shares will be
divided into 3 major sections.
Classification: Birlasoft Public
500,000.00
450,000.00
400,000.00
350,000.00
300,000.00
250,000.00
200,000.00
150,000.00
100,000.00
50,000.00
-
3rd Qtr
4th Qtr
Expected Income Invetment Part1 - 50% Part2-20% Part3-30%
*Shares will made on every quarter
Process involved in Part1 – 50%:
Will use the current or running month payments with cash in hand and
after quarter we will rearrange or actual CIH will replace into normal.
Post of the every quarter, the lead can re-invest the money (running or
savings only from Part1) with the approval of all partners.
Process involved in Part2 – 20%:
This % is for who will play the lead role, of active participation on end-to-
end execution of the project. This is applicable for maximum of two lead
players also maximum of 60,000.00 INR only.
Process involved in Part3 – 30%:
This % will share the profits, for all the partners based on Rule 6.
As a general rule the leading Partner will deposit the decided percentage
of contribution by Partners accounts within 5 days from the receipts
delivered.
8. Disputes between partners:
Classification: Birlasoft Public
Should be legal proceedings be taken…law will be used in view of a
settlement if any the partner feels that he will forcibly rejected or avoided
by other partners.
If not, i.e. should the dispute be only internal among partners and concern
the project activities, the partners are bound to reach a common
agreement within the coordination team of the project.
9. Other Guidelines:
During the project life if any documentation required by partners must be
provided to authentications by the all the partners.
There is no middle drop offs either the business gaining non profit or loss.
If the business in profits, and the partner forcibly wants to drop off, by the
discussion of other board members can take decision of releaving the
amount with post-dated checks and the investment will reduce by exiting
core team based on concerned activities.
This partnership agreement is made this _________ day of ______20__, by
and between the following individuals.
Signatures of the partners:
Partner1: Partner3:
Partner2: Partern4:
Wishing You all the best for our initial org…
Venu Lekkala
Classification: Birlasoft Public
