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A Partnership Agreement is a legal arrangement between two or more persons carrying on business in common for the purpose of sharing profit. Those persons can be companies, individuals or trusts. Some professions can only be carried on by individuals together as partnerships. The advantages of a partnership include direct distributions of profits, shared liabilities and contributions to capital. Some of the disadvantages include joint and, in some States, several liability for partnership debts. There can be tax advantages and disadvantages depending on the nature of the partnership business. You should speak with your lawyer, accountant and tax adviser on this.
Partnerships are governed by Partnership Acts of each State and Territory. While those Acts are similar, there are differences. LawLive recommends you download a hard copy of the Partnership Act of your State/Territory and read the Partnership Act applicable in the State/Territory in which you are going to conduct your business.
This Partnership Deed includes the following provisions:
2. Formation Of The Partnership;
3. Partnership Name;
4. Partnership Premises;
5. Shares And Capital;
6. Balance Sheets And Accounts;
7. Loans Made By Partners To The Partnership;
8. Share In Profits And Losses;
9. Outgoings And Losses;
11. The Bank;
12. Partners' Drawings;
13. Duties Of Partners;
14. Restrictions On Partners;
15. Partnership Decisions;
16. Partners' Meetings;
17. Retirement Or Removal Of A Partner;
18. New Partners And Non Capital Partners;
19. Sale Of The Business (partnership Decision);
20. General Provisions For Winding Up;
21. Sale Of Business (method of Sale);
22. Dissolution Of Partnership;
23. Appointment Of A Receiver.
NOTES to Partnership Deed.
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