Checklist - Partnership Agreement
PARTNERSHIP AGREEMENT CHECKLIST
The Partnership Agreement Checklist ensures that you have notice of certain essential matters that need to be discussed before you enter into a Partnership Agreement to run and manage a business. These matters include details concerning
- The Parties involved
- The Partnership business name and address
- The capital contributed by each Party
- Details of the accountants and lawyers of the Partnership
- Financial matters (cheque signatories, loans to the Partnership, financial reports)
- Various undertakings by each Partner to devote the agreed amount of time to the Partnership business, to be just and faithful
- Calling and conduct of Partnership meetings
- Restrictions on the Partners as to what they cannot do without the approval of the majority of Partners
- Salaries and drawings
- The Partners shall be joint managers of the Business and all decisions in relation to the business of the Partnership shall be decided by a majority of the Partners
- Matters concerning retirement, expulsion and transfer of a Partners interest
- Standard terms and conditions found in most commercial documents (regarding notices, jurisdiction, interpretation, amendments, severability, waiver, confidentiality, trustee covenants)