Checklist for the Preparation of a Partnership Agreement
Partnerships are business associations governed by different law than corporate businesses. If you are thinking of entering a partnership, here are the key issues you need to consider when drawing up your partnership agreement.
- Who are the parties to the agreement
- Nature of the business
- Firm name and place(s) of business
- Commencement date
- Partnership property
- Capital contributions
- Share of profits and losses
- Drawings Levels of approval
- Accountants and accounts
- Bankers and banking
- Election procedures
- Obligations of the partners
- Pensions and insurance
- Holidays/Maternity/Sabbaticals
- Partnership Meetings
- Retirement/Expulsion
- Tax
- Restrictive Covenants
- Arbitration
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