Simple contract. Special. This partnership agreement is for 2 partners who are seeking to formalise a partnership that has been going for many years with a new partnership agreement. It assumes a level of 'capital contribution' as declared in the agreement that is set at a percentage that will determine the percentage governing subsequent obligations and benefits derived from the business. (Note: this can be done simply by multiplying the existing equity/capital account in the current balance sheet by the required percentage and calling the resultant amount the 'assumed capital contribution'.) It seeks to keep the relative proportions of profit/loss/contribution/drawing of each partner at that set percentage throughout the life of the partnership. This often happens where an initial contribution, or an invention or a special expertise etc. requires a particular partner to be recognised throughout the life of the partnership. It deals with possible retirement of a partner. It makes special provision for continuance in the event of the death of a partner and seeks to establish clear legal meaning in relation to any last will and testament. While not trying to replace the will, it contains comment to the executor of the will and trustee of the deceased partner's estate and is therefore signed and witnessed in a similar manner to the last will and testament.
L-3092Partne_0.docPartnership agreement for 2 partners to formalise a partnership that has been going for many years.
