Partnership Agreement
Written by Jaffer
Sunday, 15 May 2011 08:49
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Platforms:

Windows 95-2000, XP, Vista, Windows 7

Minimum Requirements:
MS Word or any WP software

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Partnership as a business vehicle is flexible and rapid for setting up in business.

However, partners are "jointly and severally" liable for their partnership debts.

A verbal agreement is false economy since memories fade with time. Verbal agreements are useless in disputes regarding:

  ♦  power-sharing     
   profit share            taking on debt
      insolvency                  exit route                    succession
 
♦   duties                   limitations             responsibilities              

Partners can avoid expensive litigation with a written partnership agreement.

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

This model agreement complements a typical lawyer's draft as has clauses from accountant's point of view about tax matters and general finance.

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.

Last Updated on Monday, 05 December 2011 20:26
 

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