Partnership Agreement Questions

For this project you will be writing a Partnership agreement for Mrs. White, Mr. Plum, and Dr. Peacock. They want to start a biotech research business in the form of a General Partnership. All three are to be general partners and there are no limited partners.

As with any partnership, each of the partners has different strengths and weaknesses and needs.
As with any business, the tasks that need to be performed will differ from one business to another, e.g., this partnership business might have the need to dispose of hazardous biological waste.

Now as I hope your text tells you, a Partnership can be formed with or without a formal partnership agreement. If there I no agreement, or if the partners do not attend to all details, the Uniform Partnership Act will, by law, fill in the details.

So, before you construct your agreement, you should look through the excerpts from the UPA (attached under Project 2 description) , to know what happens if no mention is made in a partnership agreement. For example,
As a general partnership is owned by several parties engaging in business.
No one is entitled to compensation for the work they do in the business.
Everyone is entitled to an equal share of the profits, and liable for an equal share of the losses
Everyone has equal right to manage the business in all particulars, and each partner is an agent for the partnership in all matters,
And so on.

These are the rules -- Unless the partnership agreement provides otherwise. This is very important, since it is just these sorts of things that might have to be altered--and others as well--to take into account the strengths and weaknesses of the partners, and the nature of the business as a Biotech research firm.
Use your imagination!

You may include some boilerplate from internet examples of partnership agreements, but most of your grade will be based on how you construct your agreement to be useful to the three partners, and to foresee, ahead of the problem, what problems they might face down the road.

This material may consist of step-by-step explanations on how to solve a problem or examples of proper writing, including the use of citations, references, bibliographies, and formatting. This material is made available for the sole purpose of studying and learning - misuse is strictly forbidden.

This partnership agreement is made this ¬_______ day of _________, 20__, by and between the following individuals:
i). Mrs. Tiffany White
ii). Dr. Shanoya Peacock
iii). Mr. Frederico Plum

1. Nature of Business. The partners listed above hereby agree that they shall be considered partners in business for the purpose of developing gene-based treatments for various illnesses.
2. Name. The partnership shall be conducted under the name of ___________ and shall maintain offices at _____________________________.
3. Day-to-day operation. Mrs. Tiffany White and Dr. Shanoya Peacock shall provide their full-time services and best efforts on behalf of the partnership, whereas Mr. Frederico Plum shall not be involved in the day-to-day affairs of the partnership. Mrs. White and Dr. Peacock shall receive salaries for services rendered to the partnership. The salaries owed to the managing partners shall be determined and endorsed by all the three partners....