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    Partnership Agreement with Mandatory Shotgun Provisions

    $29.99

    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.
    Download Type: Microsoft Word
    Last Updated: 02-October-2021
    SKU: 1057