A General Partnership is the coming together of two or more persons for the purpose of financing a Project. The Partnership invests in a Filmmaker/Producer’s Project with the objective of making a profit on the investment in the Project.
The assets of the Partnership are owned on behalf of the other partners, and they are each personally liable, jointly and severally, for business debts, taxes or tortious liability. A Partnership Agreement will almost invariably expressly provide for the manner in which profits and losses are to be shared. Each general partner is deemed the agent of the partnership.
This General Partnership Agreement between the Partners is drafted in plain English that is easy to read and comprehend. This is an eight page, thirty-one clause legal Agreement. The Agreement may be filled in on your computer or printed out and filled in later.
We regularly receive feedback that we have successfully drafted our filmmaker contracts to be as complete as possible for all legal situations. However, should you experience a unique personal situation requiring the drafting of a special clause, please contact us at your convenience. Otherwise, you may be obliged to find a local entertainment lawyer experienced in the film making industry who will draft any and all other clauses for your Project’s unique situation or circumstance.
This Agreement is part of the Producer’s Deal, and the Investor’s Deal.
General Partnership Agreement
Partners Names: ________________________________________________
Partnership Name: ______________________________________________
Project Name: ______________________________________________
Project Genre: ______________________________________________
(Film, Music Video, Documentary, etc.)
This agreement is made between the above named Partners, collectively known as “Partners”, and individually known as a “Partner”.
WHEREAS the above named Partners have agreed to enter into a partnership to carry on the above named Project.
IN CONSIDERATION of the Premises and the valuable Covenants contained in this Agreement, and other good and valuable consideration (the receipt and sufficiency of which is acknowledged by each of the Partners), the Partners agree as follows:
1. The Partners agree that the effective date for the Partnership beginning is _______________, 20____. The Fiscal Year shall end on ________________.
2. The Partnership name shall be ____________________________________.
3. The business of the Partnership shall be to carry out the above named Project.
4. The term of the Partnership shall be the earlier of:
(i) the natural agreed voluntary termination of the above named Project by the Partners
(ii) the date of dissolution by Law
(iii) the dissolution of the Partnership by the departure of one or more Partners.
5 Each of the Partners shall have a Partnership Interest equal to the percentages set below, namely:
Partner Name and percent of Partnership: ____________________________
6. The Net Profits of the Partnership shall be divided in accordance to each Partner’s Partnership Interest.
7. The expenses and losses of the Partnership in any one Partnership Year shall first be paid out of the earnings of the Partnership for that year, and if such earnings shall be insufficient to pay any or all expenses and losses as mentioned, the deficiency in funds shall, unless otherwise agreed, be made up by . . . (continued)