Partnership Agreement with Mandatory Shotgun Provisions Partnership Agreement with Mandatory Shotgun Provisions 2 Partnership Agreement with Mandatory Shotgun Provisions 3

Partnership Agreement with Mandatory Shotgun Provisions

Prepare a Partnership Agreement with shotgun provisions with this fully editable template.

  • The partners agree not to compete with the partnership's business.
  • The partnership's business will be run by a management committee appointed by the partners.
  • Each partner has a right of first refusal to acquire the partnership interest of a departing partner.
  • A partner wishing to withdraw may issue a mandatory shotgun buy-sell notice to the other partners.
  • Upon the death of a partner, the surviving partner(s) must purchase the interest of the deceased partner, with the buy-out funded by life insurance policies purchased on each of the principals.
  • If a partner becomes disabled and unable to continue, the remaining partner(s) will have the option to wind up the partnership or buy out the disabled partner's interest.
  • This legal agreement template is a generic form which can be easily modified to include provisions required by the laws in your area.
Document Type: Microsoft Word
Last Updated: 20-August-2025
SKU: 1057
$34.99
Product tags
Related products
Collateral Trust Agreement between Partners

Collateral Trust Agreement between Partners

Prepare a Collateral Trust Agreement Between Partners with this downloadable template for a two-person partnership.

  • One partner appoints a trustee to hold a life insurance policy or policies on the life of the other partner in trust on the partner's behalf.
  • Upon the death of the insured partner, the partner agrees to purchase the insured partner's interest, using the proceeds from the insurance policy / policies.
  • The trustee will hold the insurance policy / policies in trust, but the partner will receive all dividends.
  • The partner will pay the trustee a yearly fee for acting as trustee.
  • This legal form template is fully editable and can be easily customized to meet your needs.
  • This is a generic form which does not contain references to the laws of any particular country and can be used in many countries and jurisdictions.
$12.49
Letter of Intent for Software Development Partnership

Letter of Intent for Software Development Partnership

Negotiate the terms of a formal agreement to set up a strategic partnership to develop new software titles with this Letter of Intent template.

  • Key discussion points between the parties include ownership of the final software products; confidentiality; each partner's responsibilities with respect to developing, marketing and advertising of the products; and revenue splitting.
  • The letter of intent is not intended to be legally binding upon the parties except to the extent of the discussions between them.
  • This is a generic template which is not country specific and can be used anywhere.
  • Available in MS Word format and fully editable.
$11.99
Partnership agreement to dissolve on death or insolvency of a partner

Partnership Agreement to Dissolve on Death or Insolvency

This Partnership Agreement template contains clauses providing for the partnership to dissolve upon the death, insolvency or mental incapacity of one of the partners.

  • Decisions must be made by a majority of ownership interests.
  • Any partner can also dissolve the partnership by giving written notice to the other partners.
  • The partners agree to resolve any disputes through arbitration.
  • There are no provisions for the sale or disposition of the interest of any partner, so partners cannot withdraw from the partnership.
  • This is a generic legal template that is not country-specific and can be used in many jurisdictions.
  • Download the Partnership Agreement template immediately after you purchase it, personalize it with your details, print and sign.
$14.99
Partnership Buyout Checklist

Partnership Buyout Checklist

Before you buy out your partner's interest in your business, download and review this 6-page checklist of issues you need to consider.

  • Topics include:
    • valuation and financial status of the partnership business;
    • alternatives to a buy-out;
    • preservation of the value of the partnership;
    • setting the purchase price;
    • financing;
    • tax and legal issues.
  • Buying out a partner can be difficult and stressful. The Partnership Buyout Checklist is a handy tool to help you work through the process.
$9.99