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Partnership Agreement

A legally binding agreement between the partners in a partnership business which serves to formalise and regulate both the partnership business as well as the relationship between the partners.

Document: Partnership Agreement

Document code: JD001

Document format(s):
Partnership Agreement in Microsoft Word Document MS Word


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A Partnership Agreement is a legally binding agreement made between the partners of a partnership. It governs the business relationship between the partners and serves to formalise and regulate both the partnership business as well as the relationship between the partners. The Partnership Agreement sets out the rights and responsibilities of each partner, as well as how the partnership business is to be run. A partnership is a relatively simple and flexible means of running a business, whereby the partners carry on a common business and share in the profits and losses of that business. The partners may be either individuals or corporate entities and there is a maximum of twenty partners permitted in a partnership. The partners will have unlimited personal liability for the losses incurred by the partnership business. There are no formal rules applicable to Partnership Agreements and a written agreement is not a legal requirement. However, a Partnership Agreement is essential in ensuring the smooth running of the partnership, ensuring the security of the partners’ position in the partnership, as well as reducing disputes amongst the partners and providing certainty regarding the consequences of any actions by the other partners.

This comprehensive agreement contains the following clauses:

  1. Interpretation and Preliminary
  2. Constitution of Partnership
  3. Duration
  4. Partnership Property and Place of Business
  5. Capital Accounts
  6. Current Accounts
  7. Profits and Losses
  8. Drawings
  9. Expenses
  10. Advances to Partners – Loan Accounts
  11. Financial Year
  12. Banking Account
  13. Books and Records
  14. Financial Statements
  15. Auditors
  16. Good Faith
  17. Management
  18. Duties of Partners
  19. Voting and Resolutions
  20. Indemnity
  21. Insurance
  22. Holiday Leave
  23. Confidentiality
  24. Voluntary Retirement
  25. Involuntary Retirement
  26. Expulsion
  27. Former Partners
  28. Dissolution of Partnership
  29. Restriction on Activities
  30. Breach
  31. Dispute Resolution
  32. Whole Agreement – No Amendment
  33. Governing Law and Jurisdiction
  34. Counterparts
  35. Notices
  36. Costs
  37. Signatures

The Partnership Agreement is available to download instantly in the following formats:

Microsoft Word Document Microsoft Word document

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