Partnership Agreement - Continuing
CONTINUING PARTNERSHIP AGREEMENT
This Partnership Agreement is to be used where the Partners were previously carrying on their business pursuant to a verbal partnership agreement and now wish to reduce that agreement to writing (ie this Partnership Agreement).
The Partnership Agreement has capacity for 7 Partners who wish to continue managing/running an existing Partnership currently being undertaken pursuant to a verbal agreement. The Partnership Agreement details various essential ingredients that are required for certainty (and business planning) including:
- 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
If you require any amendments to the document after it has been returned to you, one of our lawyers can make those amendments however the cost for this work is
not included in the price of this document. Please contact us on info@ampalmer.com.au for further assistance.