Partnership Agreement

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Description:

Two Parties Partnership Agreement (a general partnership) will be established under local law. It provides a basic Partnership framework only. This agreement is drafted in Neutral Form.

P1 and P2 wish to establish a partnership in [TERRITORY] under the name of [NAME] (the Partnership) for the purpose of [BUSINESS].

P1 and P2 wish to regulate their relationship as partners in the Partnership and the management of the Partnership in accordance with the terms of this Agreement.

The Chief Executive is responsible for producing a draft Budget for each Accounting Period and updating the Business Plan. The draft Budget and updated Business Plan shall be submitted to the Partnership Board for approval not less than 45 Business Days before the start of the following Accounting Period. In any event, the draft Budget and Business Plan (in each case with such amendments as the Partnership Board may agree) shall be adopted by the Partnership Board before the start of the relevant Accounting Period.

The Chief Executive shall:

(a) as soon as reasonably practicable after the end of each calendar month, prepare management accounts in accordance with generally accepted accounting standards and principles in the <? echo $TERRITORY; ?> and a management report relating to the business of the Partnership for that period; and

(b) following any request from any Partner, prepare all information relating to the affairs of the Partnership as the Partner may reasonably require.

Following any request from the other Partner, each Partner will promptly submit to the Partnership Board all information relating to the affairs of the Partnership in the possession of that Partner and which the requesting Partner may reasonably require.

Category:

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