Partnership Agreement - One

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This Partnership Agreement should be used for a number of parties entering into a business arrangement with a view to sharing profits. It makes provision for the partnership to continue even if a partner decides to leave at a later date. The remaining partners can exercise an option to purchase the outgoing partner's interest in the partnership.

Key clauses in this agreement include:

Description of business.

Details of the partnership name.

Complete definition of partnership assets, including customer data and goodwill.

Details of accountants, bank and premises.

Details of each partner's duties and responsibilities to the other partners.

Restrictions on a partner's authority.

Capital and income distribution.

Holiday entitlement for partners.

Retirement of a partner.

Expulsion of a partner.

Termination of the partnership.

Disputes to be settled by arbitration.

Please note that this agreement provides for up to 4 partners, however more can be added to the resulting document as required.