InPractice Software Ltd

Partnership Agreement

Partnership as a business vehicle is flexible for setting up in business. All partners are "jointly and severally" liable for the partnership debts!

A verbal agreement is false economy since memories fade with time. Verbal agreements are useless in disputes:
• power-sharing
• profit share
• duties, limitations, responsibilities
• taking on debt
• insolvency
• succession
• exit route

Partners need to protect their position with a written partnership agreement to avoids expensive future litigation!

This model agreement complements a typical lawyer's draft since it includes provisions from accountant's point of view about tax matters and general finance.

Instead of starting with a daunting blank paper, adapt/edit this model agreement to your own situation. To save on legal costs, prepare your draft agreement for a lawyer's review and finalisation

Since it is expensive and inconvenient to rip up an agreement and re-write it for changes such as profit %, this model agreement has "Schedules" attached. Changes can be made by replacing Schedules signed by all the partners.

Platforms: Windows 95, 98, ME, 2000, XP, Vista, Windows 7
Minimum Requirements: MS Word or any WP software

Main Features

• Edit the text on
    MS Word or similar

• Fill-in the blanks,
    add/delete as
    necessary

• In plain English, most
     jargon avoided

• Fact-find checklist

• Extra clauses to
     prompt users to
     consider traps and
      pitfalls

• Schedules attach to
     the agreement to
     allow future changes
     easily

. A frame to negotiate
     partnership terms
     and understand the
     responsibilities