Partnership Agreement with 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.

The Partnership Agreement with Mandatory Buyout template is a generic (not country-specific) legal form which can be easily customized to fit your business needs.