Partnership Agreement
Partnership Agreement available to download and customise to suit your business requirements. The contract is drafted by a fully qualified and experienced solicitor for the purpose of creating a partnership of 2 or more people.
A Partnership Agreement, or sometimes to referred to as a Deed of Partnership, is a
contract between two or more parties who are carrying on a common business with
the intention of making a profit. A Partnership Agreement is simply a contract
between the Partners which details each person’s rights and responsibilities.
Why should you have a Partnership Agreement?
When you decide to enter into business with one or more other people it is important
that a contract is drawn up between all of the partners.
No matter who you are becoming business partners with it is vital that every person
understands what their role is within the business, what is expected of them and what
they can expect from the other partners. This not only makes it easier if a dispute
arises but ensures that the business can run effectively and efficiently.
The Partnership Act 1890 will be implemented in situations which arise where a
Partnership Agreement is not created or does not contain any relevant provisions.
Whilst this is necessary to ensure that people appropriately within their business
dealings, these legal provisions are very general and may not suit your specific
situation. It is therefore a better decision to create your own provisions and not have
to rely upon the Partnership Act 1890.
Are there any restrictions?
In general any person who can enter into a legally binding contract can be a party to a
Partnership Agreement. Partners can also be individual or corporate entities.
However, there is a restriction to the number of Partners that a business can
legitimately have. Any business is limited to twenty Partners.
If you are entering into a business partnership you can download a Partnership
Agreement template which is fully customisable to ensure that it will suit all of your
individual needs. The template has been drafted by a fully qualified and highly
experienced solicitor. The template is written in plain, easy to understand English so
that it can be used by people with little to no legal knowledge.
This document comprises the following clauses
- Interpretation and Preliminary
- Constitution of Partnership
- Duration
- Partnership Property and Place of Business
- Capital Accounts
- Current Accounts
- Profits and Losses
- Drawings
- Expenses
- Advances to Partners - Loan Accounts
- Financial Year
- Banking Account
- Books and Records
- Financial Statements
- Auditors
- Good Faith
- Management
- Duties of Partners
- Voting and Resolutions
- Indemnity
- Insurance
- Holiday Leave
- Confidentiality
- Voluntary Retirement
- Involuntary Retirement
- Expulsion
- Former Partners
- Dissolution of Partnership
- Restriction on Activities
- Breach
- Dispute Resolution
- Whole Agreement - No Amendment
- Governing Law and Jurisdiction
- Counterparts
- Notices
- Costs
Documents
What our customers have said
" Your partnership agreement was the best one I have ever come across"
D Clarke, London
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