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Informal Partnership Agreement
"I need an Informal Partnership Agreement for a small design studio I'm starting with two other graphic designers in London, with equal profit sharing and a clause specifying that we'll review the partnership terms in January 2025."
1. Parties: Details of all partners entering the agreement, including full names and addresses
2. Background: Context of the partnership formation and business purpose
3. Definitions: Key terms used throughout the agreement including relevant legislation such as Partnership Act 1890
4. Partnership Business: Description of the business activities and scope
5. Capital Contributions: Details of initial and ongoing capital contributions by partners
6. Profit and Loss Sharing: Agreement on how profits and losses will be distributed
7. Management and Decision Making: Process for business decisions and day-to-day management
8. Duration: Term of the partnership and renewal provisions
1. Banking Arrangements: Details of partnership bank accounts and signing authority
2. Intellectual Property: Ownership and use of IP within the partnership
3. Non-compete Provisions: Restrictions on partners' other business activities
4. Insurance: Required insurance coverage and minimum requirements
1. Schedule 1: Initial Capital Contributions: Detailed breakdown of each partner's initial contribution
2. Schedule 2: Business Plan: Initial business plan and projections
3. Schedule 3: Partner Responsibilities: Specific roles and duties of each partner
4. Schedule 4: Partnership Assets: List of assets owned by the partnership at formation
Authors
Business
Capital Account
Capital Contribution
Commencement Date
Confidential Information
Drawing Account
Financial Year
Initial Capital
Intellectual Property Rights
Management Committee
Net Profits
Partnership
Partnership Assets
Partnership Property
Partners
Partnership Share
Retiring Partner
Tax Year
Territory
Working Day
Business Plan
Material Breach
Outgoing Partner
Reserved Matters
Partnership Name and Business
Commencement and Duration
Capital Contributions
Partnership Property
Profit and Loss Sharing
Management and Decision Making
Banking Arrangements
Accounting and Financial Records
Partners' Duties and Obligations
Working Time and Commitment
Confidentiality
Intellectual Property
Non-Competition
Admission of New Partners
Retirement and Withdrawal
Death or Incapacity
Termination
Dissolution
Dispute Resolution
Insurance
Force Majeure
Notices
Assignment
Severability
Entire Agreement
Governing Law and Jurisdiction
Variation
Third Party Rights
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