A Partnership Agreement (Individuals) is a contract among partners who carry on a business as a partnership
A Partnership Agreement (Individuals) sets out the basic rules on which the partnership operates, e.g. how accounts are prepared or how funds can be withdrawn.
A Partnership Agreement (Individuals) also sets out the powers and duties of each partner, and most importantly how the profits and losses are shared among them.
- Details of the business of the partnership;
- Capital share among the partners;
- Limits on transfers, debts, and liabilities;
- Circumstances under which partners may retire be expelled; and
- Obligations and restrictions on outgoing partners.