Partnership Agreement

Name of the Business: J & D Sports Medical and Goods
Purpose: The purpose of our business to treat sport related injuries and provide sporting goods/equipment to help aid recovery. This benefits customers so that they will only have to make one stop
Duration of Agreement: 5 years
Character of Partners (general or limited, active or silent): Darrius: General and silent. Responsible for all equipment and ordering goods. Collis: Limited and active. Responsible for care of customers that comes to the establishment.
Business Expenses: Darrius is responsible for rent, cost of maintenance of the building and half of the equipment. Collis is responsible for utilities, insurance and cost of the other half of the equipment.
Division of Profits and Losses: All profits will be put together. Losses will be taken out of the profit from the business. The rest of the profits will be split equally.
Salaries: Salaries will be the same. Depends on profits at the end of the month.
Death of a Partner: Death of partner results in a sole proprietorship until a new partner is found. Royalty will be paid to the family of the deceased.
Handling Business Disagreements: Talk it out
Responsibilities of Partners: Darrius's responsilibities are ordering the equipment, paying rent, and cost of maintenance. Collis is responsible for customers and customer needs.