How do restaurants establish partnerships?

<span data-sheets-value="{"1":2,"2":"Partnerships are a common form of organizing and operating a business. Its specifics apply to the restaurant businesses as much as any other. And they work the same way: two or more people decide to start a business together and come into a partnership by signing a partnership agreement."}" data-sheets-userformat="{"2":15105,"3":{"1":0},"11":4,"12":0,"14":{"1":2,"2":0},"15":"Montserrat","16":8}">Partnerships are a common form of organising and operating a business. Its specifics apply to the restaurant businesses as much as any other. And they work the same way: two or more people decide to start a business together and come into a partnership by signing a partnership agreement.

How do you create a restaurant partnership agreement?

<span data-sheets-value="{"1":2,"2":"The best way to create a restaurant partnership agreement is by working from a template. PandaDoc has a template like that for you to factor in the essential terms, conditions and other partnership details."}" data-sheets-userformat="{"2":15105,"3":{"1":0},"11":4,"12":0,"14":{"1":2,"2":0},"15":"Montserrat","16":8}">The best way to create a restaurant partnership agreement is by working from a template. PandaDoc has a template like that for you to factor in the essential terms, conditions and other partnership details.

What are 4 common terms that should be in a partnership agreement?

<span data-sheets-value="{"1":2,"2":"A partneship agreement needs to include statements of intention to partner and joint decision-making, a loss and profit sharing policy and capital contribution details. But there's more that needs to go into the agreement, which you can find in this template."}" data-sheets-userformat="{"2":15105,"3":{"1":0},"11":4,"12":0,"14":{"1":2,"2":0},"15":"Montserrat","16":8}">A partnership agreement needs to include statements of intention to partner and joint decision-making, a loss and profit sharing policy and capital contribution details. But there’s more that needs to go into the agreement, which you can find in this template.

Restaurant Partnership Agreement Template

Prepared for:

[Client.FirstName][Client.LastName]
[Client.Company]

Created by:

[Sender.FirstName][Sender.LastName]
[Sender.Company]

This restaurant partnership agreement, entered into on [Document.CreatedDate], by and between, and , hereafter collectively known as the Partners, shall govern the founding, governance, and operation of the business venture listed below, hereafter known as the Restaurant:

Restaurant Details

This section of the template identifies and describes the restaurant being established by the partnership.

Business Name:

Business Address:

Business Description:

Partnership Terms

Whereas the Partners wish to collaborate in the ownership, governance, and operation of the Restaurant, the Partners agree to the following:

The Partners agree to register the Restaurant as a limited liability corporation in [Restaurant.City], [Restaurant.State]. Each of the Partners shall hold an equal share of ownership in the Restaurant.
The Restaurant’s principal place of business shall be the address listed above. All records related to the partnership or the Restaurant shall be maintained at this address.
This restaurant partnership agreement shall commence as of the date it is signed by both partners and shall continue indefinitely until rightfully dissolved by either partner.
The Partners agree to make equal capital and time contributions as necessary to ensure the success of the Restaurant.
The Partners agree to make joint decisions regarding the operation of the Restaurant. Neither partner shall make decisions related to the strategy or operation of the Restaurant without consulting the other Partner.
The Partners agree to designate a hired individual as a general manager for the Restaurant. This individual shall be responsible for the daily operation of the Restaurant and shall be granted decision-making authority commensurate with such a position.
The Partners shall establish accounts at Restaurant. Bank for the Restaurant’s financial needs. All capital contributions shall be deposited into this account. No withdrawals shall be made from this account by either Partner without approval from both Partners.
Neither Partner shall enter into any additional partnerships, contracts, or ventures related to the Restaurant without approval from the other Partner.
The Partners may continue to engage in additional, non-related business interests, but must disclose those ventures to the other Partner.
The Partners shall receive compensation from the Restaurant in the form of profit shares, to be calculated and distributed equally on an annual basis.

Acceptance

In witness whereof, the Partners hereby enter into this restaurant partnership agreement as of the dates signed below.

[Sender.Company]

Signature

MM/DD/YYYY

[Sender.FirstName][Sender.LastName]

[Client.Company]

Signature

MM/DD/YYYY

[Client.FirstName][Client.LastName]

Restaurant Partnership Agreement Template

Restaurant Details

Partnership Terms

Acceptance

Restaurant Partnership Agreement Template

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