Partnership Agreement

R 615,00

This Partnership Agreement can be used for the mutual protection of Partners in a Partnership established as a trading concern. A Partnership Agreement confirms the establishment of a partnership as a business entity, and sets out the Partners’ respective rights and obligations in relation to each other, including financial considerations.

Description

ORDINARY PARTNERSHIP

Summary This Partnership Agreement can be used for the mutual protection of Partners in a Partnership established as a trading concern. A Partnership Agreement confirms the establishment of a partnership as a business entity, and sets out the Partners’ respective rights and obligations in relation to each other, including financial considerations.

Why do I need a Partnership Agreement? If your business operates as a Partnership, this Agreement may be considered for use between the Partners. A Partnership Agreement, amongst other things, is used to set out the procedure for the payment of Partner contributions, decision-making, profit-sharing, a Partner breach, policies regarding loans, and other issues relevant in a Partnership.

What does the Partnership Agreement say? The generic agreement consists of: Parties, Interpretation; Formation of Partnership, Duration, Capital Contributions, Loan Accounts, Financial Information, Books of Account, Management, Matters requiring unanimous agreement, Voting and Resolution, Profits and Losses, Confidentiality, Dissolution of the Partnership, Breach, Disputes, Whole Agreement, Addresses and Notices, Costs.

What does the Partnership Agreement look like? The agreement can be printed onto nine pages.

What do you need to do to use the template Partnership Agreement?

  • Read the standard Partnership document to ensure that it suits your requirements. Complete the requisite sections, making changes as required. Whilst the document template provides for four Partners’ details, the Partnership may have either more or less Partners, in which event the Partner details section can be modified accordingly.
  • Ensure all the Partners sign the Agreement with each Partner getting a copy of the final, signed agreement.

 

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