Why have a Partnership Agreement?
Having a partnership agreement is a sensible business move. Having a written record of the duties and responsibilities of each partner is important, especially if there is a dispute later on down the track
What does a Partnership Agreement Cover?
Our Partnership Agreement contains all the essential terms and conditions pertinent to any business partnership. Without them you are leaving yourself exposed to the possibility of unfair business practices and potential legal action.
These terms and conditions include but are not limited to:
- The Purpose of the Partnership
- The term of the Partnership
- The initial capital investment of each partner
- The division of profits and losses
- The transfer of shares in the Partnership
- The different roles and responsibilities of each partner
- The requirements regarding business records and accounts
- The establishment of a business capital account
- The dissolution of the Partnership
- Title to Partnership property
- How partners can leave the Partnership and the consequences of this
- The impact of death or withdrawal of a partner on the Partnership
- The Governing law and how disputes are handled
- The salaries of each partner