What is in the partnership agreement precedent?

The partnership agreement precedent is a foundation partnership agreement between two individuals with equal partnership. However, it can be adapted easily to use for more than 2 partners and where the partners are companies or trusts. It is drafted in plain English and includes:

1. A schedule setting out the details of the parties and key commercial information such as the business capital to be contributed by each party, the partnership debt limit each party can incur without consent of all partners, retirement/ resignation notice period and governing law all set out in an easy to use and change format;

2. Details of the partnership including the name, place of business, and more.

3. Covers the contribution of initial and ongoing capital to the partnership business.

4. Contemplates the bank to be used and how each party will conduct accounting.

5. Looks at profits and losses and how they will be dealt with and distributed.

6. Contemplates management decisions;

7. Sets out duties and obligations of the partners;

8. Considers private debts and procedure where one partner takes unauthorised money from the partnership;

9. Covers voting and insurances (with an option for cross life insurance if required, however if not required can be disregarded);

10. Contemplates the retirement and/ or expulsion of a partner and how the business is to be valued when such incidences occur;

11. Considers the death of a partner and the dissolution of a partnership (because of the death of a partner or otherwise)

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As the precedent is designed for lawyers, it can be edited as the lawyer deems suitable. All liability remains with the lawyer purchasing the product to adapt it for use for their client(s).

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