Partnership Agreement - Limited
The Limited Partnership Agreement has capacity for 6 Partners who wish to form a new Limited Partnership to run and manage a business. The Limited Partnership Agreement details various essential ingredients that are required for certainty (and business planning) including
- The Parties involved (one of which is the General Partner, the balance being Limited Partners)
- 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)
- Salary/drawing of the General Partner and division of income to the Limited Partners
- The General Partner shall be the manager of the Business and all decisions in relation to the business of the Partnership shall be decided by the General Partner
- Various undertakings by the General Partner to devote time to the Limited Partnership business, to account for monies and to be just and faithful
- Calling and conduct of Partnership meetings
- Matters concerning retirement, expulsion and transfer of a Partner and their 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.