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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.
This document includes two versions - one where the partnership continues if a partner leaves and the second version where the partnership ends if a partner leaves.
The first version, (a continuing partnership) is the more commonly used partnership agreement. 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.
Clauses in this agreement:
Please note that these partnership agreements are drafted to be signed by multiple partners and provision can easily be made for more or fewer partners, as required.
It is extremely important that any proposed partnership is based upon a detailed Partnership Agreement and that such an agreement is signed prior to the start of the partnership, or as soon as possible afterward. All the partners need to be aware of their rights and responsibilities from the beginning so that the partnership can focus upon being successful. All partnerships will build up assets and liabilities from the very beginning, it is essential that these are properly accounted for using a Partnership Agreement.
Business Legal Documents CompactLaw Business Pack - contains these partnership agreements and other business documents.
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