This partnership agreement can be used to draft for establishing a general partnership for three 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.
The Chief Executive shall carry out such responsibilities in accordance with the then-current Business Plan and Budget and such policies as shall be laid down by the Partnership Board. The Chief Executive is responsible to the Partnership Board and shall be assisted in his duties by the other Executive Managers.
The property and assets of the Partnership shall be beneficially owned by the Partners in the proportions of their respective Percentage Shares and shall comprise all property (whether tangible or intangible) owned, developed, produced, created or acquired by the Partners in the course of the Partnership.
Any property of the Partnership which is held by one of the Partners (or an Affiliate) shall be held by that Partner (or Affiliate) on trust for the benefit of the Partnership. That Partner shall (if required) enter into or procure appropriate declarations of trust in respect of the property.
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.