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General Partnership Operating Agreement
"I need a General Partnership Operating Agreement for a new medical practice with three partners in London, with specific provisions for patient data protection and equal profit sharing starting from March 2025."
1. Parties: Identification and details of all partners
2. Background: Context and purpose of the partnership
3. Definitions: Key terms used throughout the agreement
4. Partnership Business: Nature and scope of business activities
5. Capital Contributions: Initial and ongoing capital requirements
6. Profit and Loss Sharing: Distribution of profits and allocation of losses
7. Management Rights: Decision-making processes and authority
8. Partner Duties: Obligations and responsibilities of partners
9. Duration: Term of partnership and renewal provisions
1. Non-Compete Provisions: Restrictions on competing activities - use when partners may have competing interests
2. Intellectual Property Rights: Ownership and use of IP - include when IP is significant to the business
3. International Operations: Rules for international business - include for partnerships operating across borders
4. Banking Arrangements: Specific banking procedures - use for complex financial arrangements
1. Schedule 1: Initial Capital Contributions: Detailed breakdown of partner contributions
2. Schedule 2: Partner Contact Details: Contact information for all partners
3. Schedule 3: Business Plan: Initial business plan and projections
4. Appendix A: Partner Voting Rights: Detailed voting procedures and weightings
5. Appendix B: Asset Register: List of partnership assets and their values
Authors
Business
Business Day
Business Hours
Business Plan
Capital Account
Capital Contribution
Commencement Date
Confidential Information
Default Event
Distribution
Drawing Account
Effective Date
Financial Year
General Partner
Initial Capital Contribution
Intellectual Property Rights
Management Committee
Managing Partner
Material Breach
Net Income
Net Loss
Operating Expenses
Partnership
Partnership Assets
Partnership Interest
Partnership Property
Partnership Share
Profit Share
Quarter
Reserved Matters
Tax Year
Territory
Transfer
Unanimous Consent
Voting Rights
Working Capital
Commencement and Duration
Business of the Partnership
Capital Contributions
Partnership Assets
Profit and Loss Sharing
Banking and Financial Matters
Management and Decision Making
Partner Duties and Obligations
Meetings
Accounting and Records
Intellectual Property
Confidentiality
Non-Competition
Non-Solicitation
Admission of New Partners
Retirement of Partners
Death of Partner
Expulsion of Partner
Transfer of Partnership Interest
Dissolution
Winding Up
Dispute Resolution
Force Majeure
Notices
Assignment
Severability
Entire Agreement
Variation
Governing Law
Jurisdiction
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