Mazoe Partnership Agreement

General Partnership Agreement
This partnership agreement is made on this the __________ day of __________, 2022 by
and between _Francis T Mabika I.D number : 61-200093E62 and Sean Vermaak I.D
number 63-1186742V00.
1. Partnership Name, Nature of Business, and Principal Office
The name of the partnership shall be General Partnership
The nature of the partnership business shall be Bottle store and Bar
The principal office of the partnership business shall be located at the following address:
Mazoe
2. Partnership Duration
The partnership shall begin on the date of the execution of this agreement, and shall
continue until terminated as permitted under the terms and conditions of this agreement.
3. Capital Contributions
Sean Vermaak has agreed to invest USD $1000.00 with a condition that the full investment
is repaid during the course or the partnership, within a maximum time frame of 24
months.
4. Interest on Capital Contributions
No interest shall be paid on any capital contributions to the partnership, including initial
capital contributions made upon execution of this agreement, and subsequent capital
contributions made after execution of this agreement.
5. Profit and Loss Allocations
The net profits of the partnership shall be apportioned equally between the partners and
the net losses shall be borne equally by them, with each partner receiving fifty percent
(50%) of the net profits of the partnership, and fifty percent (50%) of the net losses. A
separate income account shall be maintained for each partner. Partnership profits and
losses shall be charged or credited to the separate income account of each partner. If a
partner has no credit balance in his income account, losses shall be charged to his capital
account.
6. Salary and Income Withdrawal Rights
Neither partner shall receive any salary for services rendered to the partnership. Each
partner may, however, withdraw all or any portion of the credit balance in his or her
income account.
7. Managerial Duties and Restrictions on Partner Powers
The partners shall have equal rights in the management of the partnership business.
Without the consent of the other partner neither partner shall on behalf of the partnership
borrow or lend money, or make, deliver, or accept any commercial paper, or execute any
mortgage, security agreement, bond, or lease, or purchase or contract to purchase, or sell
or contract to sell any property for or of the partnership other than the type of property
bought and sold in the ordinary course of the partnership business.
8. Banking Transactions
All funds of the partnership shall be deposited in its name in such checking account or
accounts as shall be designated by the partners.
9. Record-Keeping
The partnership books shall be maintained at the principal office of the partnership, and
each partner shall at all times have access to these records. The books shall be kept on a
fiscal year basis, commencing _____________________ (month and day) and ending
_____________________ (month and day,) and shall be closed and balanced at the end of
each fiscal year. An audit shall be conducted as of the closing date.
10. Voluntary Termination of Partnership
The partnership may be dissolved at any time by agreement between the partners, in which
event the partners shall proceed with reasonable promptness to liquidate the partnership
business. The partnership name shall be sold with the other assets of the business. The
assets of the partnership business shall be used and distributed in the following order:
(a) To pay or provide for the payment of all partnership liabilities, including all liquidating
expenses and obligations;
(b) To equalize the income accounts of the partners;
(c) To discharge the balances of the income accounts of the partners;
(d) To equalize the capital accounts of the partners; and
(e) To discharge the balances of the capital accounts of the partners.
11. Effect of Partner’s Death
Upon the death of either partner, the surviving partner shall have the right either to
purchase the decedent’s partnership interest, or to terminate and liquidate the partnership
business. If the surviving partner elects to purchase the decedent's partnership interest, he
shall serve notice in writing of such choice within three (3) months after the death of the
decedent. Such notice shall be served upon the executor or the administrator of the
decedent’s estate, or, if at the time of such election no legal representative has been
appointed, upon any one of the known legal heirs of the decedent at the last-known
residential or business address of such heir. If the surviving partner elects to purchase the
decedent’s partnership interest, the purchase price shall be equal to the decedent's capital
account as at the date of his death plus the decedent's income account as at the end of the
prior fiscal year, increased by his share of partnership profits or decreased by his share of
partnership losses for the period from the beginning of the fiscal year in which his death
occurred until the end of the calendar month in which his death occurred, and decreased
by withdrawals charged to his income account during such period. No allowance shall be
made for goodwill, trade name, patents, or other intangible assets, except as those assets
have been reflected on the partnership books immediately prior to the decedent's death;
nevertheless, the survivor shall be entitled to use the trade name of the partnership. Except
as otherwise stated in this Section, the procedure as to liquidation and distribution of the
assets of the partnership business shall be the same as stated in Section 10 (“Voluntary
Termination of Partnership.”)
12. Dispute Resolution
Any controversy or claim arising out of or relating to this partnership agreement, including
any alleged breach of the agreement, shall be settled by binding arbitration in accordance
with the rules then existing of the Zimbabwean Arbitration Association, and judgment
upon the award rendered shall be entered in any court having jurisdiction over disputes
arising out of this agreement.
Executed on this the ______________ day of _________________, 20_____.
_______________________________________________________
Partner

_______________________________________________________
Partner
Witness
Witness

Mazoe Partnership Agreement

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Mazoe Partnership Agreement

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Mazoe Partnership Agreement

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General Partnership Agreement

1. Partnership Name, Nature of Business, and Principal Office

The name of the partnership shall be General Partnership

4. Interest on Capital Contributions

6. Salary and Income Withdrawal Rights

7. Managerial Duties and Restrictions on Partner Powers

(b) To equalize the income accounts of the partners;

(c) To discharge the balances of the income accounts of the partners;

(d) To equalize the capital accounts of the partners; and

(e) To discharge the balances of the capital accounts of the partners.

11. Effect of Partner’s Death

Executed on this the __ day of _, 20_.

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