Download as docx, pdf, or txt
Download as docx, pdf, or txt
You are on page 1of 3

PARTNERSHIP AGREEMENT

This Partnership Agreement is made and entered into this 29th October, 2020 by and
between Hoang Dinh Huy, Phan Hoang Phuc, Le Ba Song Han, Tran Tu Linh, Le Thi
Huyen Trang

1. Partnership Name and Purpose: The parties hereby form a Partnership under
the name of Huy, Phuc, Han, Linh, Trang (hereafter referred to as "the Partnership") to
Sponsor add do all other lawful things as may be necessary, incidental, or convenient
to carry on the Partnership business as provided herein.
2. Place of Business: The principal place business of the Partnership shall be 111
Su Van Hanh street, District 10 Ho Chi Minh City
3. Term : The Partnership shall begin on 8/12/2020 and shall continue until
terminated as provided herein.
4. Capital Contributions : Each Partner shall contribute to the Partnership an
initial contribution of capital and each Partner shall share in the net annual operating
profits or losses of the Partnership in the following ratio unless adjusted as hereinafter
provided:

Name of Partner Contribution Amount % Ratio


Hoang Dinh Huy 120,000,000VND 20%
Phan Hoang Phuc 120,000,000VND 20%
Le Ba Song Han 120,000,000VND 20%
Tran Tu Linh 120,000,000VND 20%
Le Thi Huyen Trang 120,000,000VND 20%

The capital of the Partnership shall be the aggregate amount of capital contributions
made to it by the Partner. The initial capital to be contributed by each Partner shall be
in cash. No Partner shall require to make any additional contribution to the
Partnership unless otherwise agreed by the Partners. If any Partner fails to contribute
the additional capital required of the Partner within thirty (30) days after written call
for contribution, the other Partner shall be given the opportunity to contribute
amounts equal to the assessment in default. The allocation of profits or losses among
all the Partners shall be adjusted according to the change in capital contributions by
the Partners.
5. Capital Accounts : A separate capital account shall be maintained for each
Partner, and capital contributions to the Partnership by the Partners shall be charged
to such accounts.
6. Profit and Loss : Unless otherwise unanimously agreed by the Partners, and
subject to the provisions of this Agreement, the net profits, if any, of the Partnership as
determined at the end of each such fiscal year shall be allocated among the Partners in
proportion to the respective capital account of each of the Partners as calculated at the
end of each such fiscal year. All expenses incurred during the Partnership and all
losses, if any, arising therefrom shall be borne out of the earnings of the Partnership,
or in the case of a deficiency, the losses shall be allocated among the Partners pro rata
to their respective individual capital accounts at the end of each such fiscal year.
7. Interest : No interest shall be paid on the initial contributions to the capital of
the Partnership or on any subsequent contributions of capital. However, any advance
of money to the Partnership by any Partner in excess of the amounts provided for in
this Agreement or subsequently agreed to as a capital contribution shall not be
deemed a capital contribution to the Partnership but a debt due from the Partnership,
and such amount shall be repaid with interest at such rates and times as determined
by all the Partners.
8. Cash Distributions : Any amounts held by the Partnership and not required
for purposes of its business, including reasonable reserves for contingencies, may be
distributed to the Partners. No Partner shall be entitled to make withdrawals from his
individual account or have returned to him his capital contributions except in
accordance herewith. No Partner shall have the right to require that a distribution be
made to him other than in cash.
9. Salaries and Drawings : Except as otherwise set forth herein or otherwise
agreed by all the Partners, no Partner shall receive any salary or other special
compensation. As compensation for his or her services to the business of the
Partnership, the turnover each partner obtain each month depends on the fluctuation
of sales, which shall be deducted as an ordinary and necessary business expense of the
Partnership before determination of net profits. Upon agreement by all the Partners,
the salary of any Partner may be increased or decreased at any time.
10. Relationship of the Partners : Each Partner may have other business
interests and may engage in any other business, trade, profession, or employment
whatsoever on his own account or in partnership with, as an employee of, or as an
officer, director, or stockholder of any other person, firm, or corporation and shall not
be required to devote his or her entire time to the business of the Partnership. Each
Partner shall devote such time and attention to the conduct of the business of the
Partnership as shall be deemed by all of the Partners to be required for the business of
the Partnership. Nothing contained in this Agreement shall make the parties partners
with respect to matters unrelated to the Partnership or render them liable for any
debts or obligations of any Partner, nor shall any Partner be deemed an agent for any
other Partner except to the limited extent herein specifically permitted and as may be
hereinafter agreed upon by consent of all the parties.
11. Meetings : Regular meetings of the Partners shall be held only as required.
All meetings will be held at a time and location that is reasonable, convenient, and
practical considering this situation of all Partners.
12. Management Duties : The Partners shall have equal rights in the
management and control of the business and affairs of the Partnership. The Partners
may at any time and from time to time by resolution passed at a meeting of the
Partners delegate any power or authority relating to the management of the business
and affairs of the Partnership to any Partner and the exercise of any such authority or
authority by such Partner shall be valid and binding upon all Partners until such power
or authority has been rescinded by resolution.
13. Decision-Making : Each Partner shall be entitled to vote regarding matters to
be decided upon for the Partnership in proportion to the capital account of each
Partner.
If we agree, let him sign
Partner 1 Partner 2 Partner 3 Partner 4 Partner
5
Huy Phuc Han Linh Trang

You might also like