Partnership agreements
Similar to shareholder agreements, partnership or joint venture agreements are a must for parties entering into a partnership for managing or running a business.
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Partnership Agreements
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Similar to shareholder agreements, partnership or joint venture agreements are a must for parties entering into a partnership for managing or running a business.
Compared to companies or trusts, partnerships are not a preferred business structure except where there is a partnership of companies or trusts (such as a joint venture). Compared to overseas jurisdictions, partnerships have inherent risks akin to a sole trader structure and do not often have limited liability.
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What Should
Agreements Include?
At a minimum, a partnership agreement should include:
- How disputes are resolved;
- What are the responsibilities of each party in the arrangement;
- Are the partners required to provide financing / labour / equity and on what terms;
- What happens if one of the parties wants to exit the business;
- How are decisions to be made and are decisions to be by majority / unanimous;
- Are parties to be restrained from competing in similar businesses;
- The number of required meetings per year;
- Financial reporting obligations;
- Consequences of partners becoming insolvent and/or incapacitated.
Our team of lawyers can guide you through the process
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