See complete example of Partnership agreement
About these documents:
These agreements are fitting for almost all partnerships as they deal with all the most common legal provisions, as well as other possible, less common options. You simply delete items you do not require – simple. In particular, they deal extensively with provisions following disagreement or dissolution, purely because this is the area where partners are most likely to want to rely on the agreement.
Who will use these documents?
Document NZ-PTN001 is for any partnership situation – the type of enterprise is of little difference - e.g. architects, car sellers, farmers or house builders.
Document NZ-PTN002 is specially designed for family and friends situations, only because it is slightly less formal. It still contains all the main provisions. (Our view is that is just as important in a business relationship with relatives or friends that every eventuality is covered)
Either document is suitable for:
- two or more people wishing to set up business in partnership;
- a sole trader wishing to take in a partner to an existing business;
- family and friends wishing to go into business together.
Key features of both documents:
- very flexible to suit most situations;
- suitable for any type of business;
- calls for compliance with non-discrimination and other policies;
- suitable for partnerships of up to ten or more people;
- very extensive guidance notes.
These documents include provisions for:
- partnership shares;
- partnership property;
- capital;
- drawings;
- accounts and records;
- restrictions to protect other partners;
- partnership policies;
- expulsion;
- comprehensive termination provisions to protect ongoing partners.
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