You and your 2 friends want to start a partnership business. You will be the managing partner in the business and want to have all control on decision making. Also, you are concerned that since your friends will be acting like sleeping partners in the business, they may one day leave the business and take away confidential information with them. Further, you also want your business to get dissolved if any of the other partners do leave the business.

create a binding contract based on these conditions.

explaining the elements and clauses in the contract.

Covering these: Profit loss, books of account, Annual Report, Banking and Partnership funds, Fiscal year, Audit, Management, Contract Binding Authority, Regular meeting, Admitting new partner, Dissociated partner.