This partnership agreement can be used to draft for establishing a general partnership for four parties under the law of a specified jurisdiction. This agreement is drafted to impose strict/tight obligations on the parties.
The Partnership Board shall delegate responsibility for day-to-day executive management of the business to the Chief Executive. The appointment and terms of reference of the other Executive Managers will be proposed by the Chief Executive but will be subject to the prior approval of the Partnership Board.
Auditors for the Partnership shall be appointed by the Partners. The Accounting Period of the Partnership shall end on the last day of the Accounting Period in each year. The accounts of the partnership shall be audited by the Auditors.
The Partnership Board is responsible for maintaining proper accounting records for the Partnership. The records will be available for inspection by any Partner during normal business hours and upon reasonable notice. The board should also arrange the preparation of a balance sheet, profit and loss account, and a statement of source and application of funds relating to the Partnership as at the end of and for each Accounting Period in accordance with generally accepted accounting standards and principles under the local laws of where the partnership was to be established.
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 the business of the partnership in creating this agreement. The initial capital contribution from each partner and property and assets initially owned by the partnership should also be indicated.
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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.