Partnership agreement—short form

The following Corporate precedent provides comprehensive and up to date legal information covering:

  • Partnership agreement—short form
  • Background
  • 1 Definitions and interpretation
  • 2 Partnership business, commencement and duration
  • 3 Partnership property
  • 4 Capital accounts, contributions, increases and reductions
  • 5 Current accounts, drawings and expenses
  • 6 Profits and losses
  • 7 Partners’ obligations and restrictions
  • 8 Banking, accounts and records
  • More...

Partnership agreement—short form

This Partnership Agreement is made on [insert date]

Parties

  1. 1

    [insert name of partner], of [insert address of partner]

  1. 2

    [insert name of partner], of [insert address of partner]

Background

The Partners wish to engage in [insert nature of business or profession or trade] in partnership on the terms set out in this agreement.

The parties agree:

    1. 1

      Definitions and interpretation

      1. 1.1

        In this agreement, unless the context otherwise requires:

        Accountants

        1. means [insert name of Partnership’s accountants] or such other firm of chartered accountants as are appointed to replace them in accordance with the provisions of this agreement;

        Accounting Date

        1. means [insert day and month] in each year or such other date as may be determined in accordance with this agreement;

        Accounting Period

        1. means each accounting period of the Partnership (whether of one year or more or less) ending on the Accounting Date and, in the case of the first Accounting Period, the period starting on the Commencement Date and ending on the Accounting Date in [insert year];

        Business

        1. means the business, profession or trade of [insert details of the Partnership business] and/or such other business, profession or trade to be carried on by the Partnership as is approved from time to time by unanimous resolution;

        Business Day

        1. means a day, other than a Saturday, Sunday or public holiday, on which clearing banks are open for non-automated commercial business in the

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