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New Partnership Agreement
"I need a New Partnership Agreement for a tech consulting firm with three partners, where two partners will contribute equal capital of £50,000 each, and the third partner will contribute specialist knowledge and expertise instead of capital, with profits to be shared 40-40-20 respectively."
1. Parties: Details of all partners entering into the agreement
2. Background: Context and purpose of the partnership
3. Definitions: Key terms used throughout the agreement
4. Partnership Name and Business: Official name and nature of business
5. Capital Contributions: Initial and ongoing capital requirements
6. Profit and Loss Sharing: Distribution of profits and losses
7. Management and Decision Making: Governance structure and voting rights
8. Term and Termination: Duration and conditions for ending partnership
1. Intellectual Property Rights: Provisions regarding IP ownership and usage rights when IP is significant to the business
2. Non-Competition: Restrictions on competing activities when partners may have competing interests
3. International Operations: Rules for international business operations when partnership operates across borders
1. Schedule 1: Capital Contributions: Detailed breakdown of partner contributions
2. Schedule 2: Business Plan: Initial business plan and strategy
3. Schedule 3: Properties and Assets: List of partnership assets and properties
4. Schedule 4: Partner Details: Detailed information about each partner
5. Appendix A: Banking Arrangements: Details of partnership bank accounts and signatories
Authors
Business
Business Day
Business Hours
Business Plan
Capital Account
Capital Contribution
Commencement Date
Confidential Information
Default Event
Defaulting Partner
Drawing Account
Financial Year
Intellectual Property Rights
Management Board
Managing Partner
Net Profits
Partnership
Partnership Assets
Partnership Bank Account
Partnership Capital
Partnership Property
Partner(s)
Percentage Interest
Profit Share
Relevant Proportion
Reserved Matters
Senior Partner
Tax
Term
Territory
Transfer
Valuation
Working Capital
Commencement and Duration
Business of the Partnership
Capital Contributions
Partnership Assets
Banking Arrangements
Accounting and Financial Matters
Profit and Loss Distribution
Management and Decision Making
Partners' Duties and Obligations
Meetings
Reserved Matters
Intellectual Property Rights
Confidentiality
Non-Competition
Non-Solicitation
Admission of New Partners
Retirement of Partners
Expulsion of Partners
Death or Incapacity
Termination
Dissolution
Winding Up
Valuation
Insurance
Data Protection
Force Majeure
Notices
Assignment
Variation
Severability
Entire Agreement
Third Party Rights
Governing Law and Jurisdiction
Dispute Resolution
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