Description and usage
Partnership Agreement (4 or 5 partners) The Agreement is suitable either for the establishment of a new partnership or for formalising an existing partnership. It deals with partnership capital, profits and losses, drawings by partners, conduct of partnership business and decision-making. This fifteen page document contains 24 clauses covering - definitions and interpretations
- establishment of partnership
- principal office and property
- capital
- profits and losses
- drawings
- partnership loans
- conduct of partnership business
- good faith
- restriction on partners
- partnership bank
- accounts
- holidays and leave
- insurance
- termination, retirement and death
- consequences of expulsion, retirement or death
- former partner’s share
- dissolution
- restriction of former partner
- notices
- disputes and governing law
- the scope of the agreement
- severability
- waiver
You need this contract if you want to establish a four- or five-person partnership, or formalize an existing partnership, and want to set out your relationship to the other parties, your mutual obligations, and the rules governing the conduct of your partnership. For Guidance and info on using Partnership Agreements see our blog article. What's in it? - See detailed Explanatory Notes below
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