Partnership Deed

Neutral - 4 Parties

No. of Prokens Required: 3 |

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Description:

This partnership deed can be used to draft for establishing a general partnership for four parties under the law of a specified jurisdiction. This deed is drafted to impose neutral obligations on the parties.

This deed provides a basic partnership framework only.

A deed must be witnessed by another person over the age of 18 and the witness cannot be a party to the deed.

If a Partner (the Defaulting Partner) commits an Event of Default, then other Partners may serve a notice (Purchase Notice) requiring the Defaulting Partner to sell its Partnership Interest to that other Partner. The price at which the Partnership Interest of the Defaulting Partner shall be sold under this clause 15 is to be negotiated between the Partners. If they fail to agree, it shall be the fair value of the Partnership Interest as determined by an independent firm of chartered accountants appointed by the Partners, taking into account all factors it considers relevant. An independent firm shall act as experts (and not as arbitrators) and its decision shall be final and bind the Partners.

If an Event of Default occurs in relation to a Partner, then (irrespective of whether or not a Purchase Notice is served on the Defaulting Partner) the Directors appointed by the Defaulting Partner shall, for as long as the Event of Default exists, cease to be entitled to vote at any meeting of the Partnership Board and the approval of those Directors shall no longer be required under clause 7.12 and no such Directors appointed by the Defaulting Partner shall be required for the purposes of a quorum.

How to use this Document?

This document should be carefully read by the Partners in the proposed partnership.

Partners who wish to establish the partnership should complete their personal and business information as much as they could.

Please provide the territory / jurisdiction where the partnership will be formed, the name of the partnership, and the purpose of business of the partnership in creating this deed. The initial capital contribution from each partner and property and assets initially owned by the partnership should also be indicated.

How to Tailor the Document for Your Need?

  1. Create Document: Click “Create Document” button and fill in the details of the parties. You can click the “Fill with Member’s Information” button to complete the party’s information with your personal or business information saved to your account.
  2. Please fill in any additional information by following the step-by-step guide on the left hand side of the preview document and click the “Next” button.
  3. When you are done, click the “Get Document” button and you can download the document in Word or PDF format.
  4. Please get all parties to review the document carefully and make any final modifications to ensure that the details are correct before signing the document. Each party should have a copy of the executed document.
Document Type:

Deed /poa / authorisation / agency / escrow

Category:

Business > Setup of Business / Entity > Partnership / Limited Partnership / LLP Agreement

 
Keywords:

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4 parties

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