See complete example of Partnership agreement
About these documents:
These
partnership agreements are suitable for most partnership situations. They deal
with all of the necessary basic provisions. They have not been drawn in "short
form", but rather, they give you a full menu, from which can easily delete items
you do not require. They deal particularly thoroughly with provisions following
disagreement or dissolution because this is the area where partners are most
likely to want to rely on the agreement.
Who will use these
documents?
Document PTN001 is for any partnership situation - e.g.
architects, car sellers, farmers or house builders.
Document PTN002 is
specially designed for family and friends situations, only because it is
slightly softer. It still contains all the main provisions. (Our view is that is
just as important in a business relationship with relatives or friends that
every eventuality is covered)
Either document is for:
- two or more people wishing to set up business in partnership;
- a sole trader wishing to take in a partner to an existing business;
- family and friends wishing to go into business together.
Key features of both documents:
- very flexible to suit most situations;
- suitable for any type of business;
- calls for compliance with non-discrimination and other policies;
- suitable for partnerships of up to ten or more people;
- very extensive guidance notes.
These documents include provisions
for:
- partnership shares;
- partnership property;
- capital;
- drawings;
- accounts and records;
- restrictions to protect other partners;
- partnership policies;
- expulsion;
- comprehensive termination provisions to protect ongoing partners.
