Non Equity Partnership Agreement Template for England and Wales

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Key Requirements PROMPT example:

Non Equity Partnership Agreement

"I need a Non Equity Partnership Agreement for a medium-sized accounting firm based in Manchester, bringing on three senior managers as non-equity partners from March 2025, with specific provisions for potential progression to equity partnership after three years."

Document background

The Non-Equity Partnership Agreement is essential for professional partnerships operating under English and Welsh law who wish to expand their senior leadership without immediately offering equity participation. This document typically arises when a partnership wants to reward and retain talented professionals by offering them partner status and enhanced benefits, while maintaining existing ownership structures. It covers crucial aspects such as profit-sharing arrangements, voting rights, responsibilities, and potential pathways to equity partnership, all while ensuring compliance with the Partnership Act 1890 and related legislation.

Suggested Sections

1. 1. Parties: Identifies all parties to the agreement, including existing partners and incoming non-equity partner

2. 2. Background: Context of the agreement and brief history of the partnership

3. 3. Definitions: Key terms used throughout the agreement including references to relevant legislation (Partnership Act 1890, Equality Act 2010, Income Tax Act 2007)

4. 4. Term and Appointment: Duration of the agreement and formal appointment provisions

5. 5. Duties and Obligations: Responsibilities and commitments of the non-equity partner, including fiduciary duties and good faith obligations

6. 6. Remuneration: Compensation structure, including salary and bonus arrangements

7. 7. Leave and Benefits: Holiday, sick leave, and other benefits in compliance with Employment Rights Act 1996

8. 8. Termination: Circumstances and procedures for ending the agreement

Optional Sections

1. Partnership Track: Terms for potential progression to equity partnership - include when there's a defined path to equity partnership

2. International Work: Provisions for cross-border activities - include for partnerships with international operations

3. Intellectual Property: IP rights and obligations - include for professional services or creative industries

4. Data Protection: Specific provisions relating to GDPR and Data Protection Act 2018 - include when handling sensitive personal data

Suggested Schedules

1. Schedule 1: Performance Metrics: Detailed performance expectations and evaluation criteria

2. Schedule 2: Remuneration Structure: Detailed breakdown of compensation components including profit share calculations

3. Schedule 3: Partnership Policies: Key internal policies and procedures including compliance requirements

4. Appendix A: Job Description: Detailed role specifications and responsibilities

5. Appendix B: Restrictive Covenants: Non-compete and confidentiality provisions in compliance with Competition Act 1998

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

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Executive Management

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Let's create your Non Equity Partnership Agreement

Authors

Alex Denne

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