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Term Sheet For Partnership Agreement
"I need a Term Sheet For Partnership Agreement for a new technology consulting firm with three founding partners, where we want to emphasize equal profit sharing and include specific provisions for intellectual property developed during the partnership."
1. Parties: Identification and details of all prospective partners
2. Background: Context and purpose of the partnership
3. Definitions: Key terms used throughout the term sheet
4. Business Purpose: Proposed activities and scope of the partnership
5. Capital Contributions: Initial and ongoing capital requirements
6. Profit Sharing: Proposed distribution of profits and losses
7. Management Structure: Decision-making processes and authority levels
8. Term and Termination: Duration and exit provisions
1. Intellectual Property Rights: IP ownership and licensing arrangements - include when IP is crucial to the partnership
2. Non-Compete Provisions: Restrictions on competitive activities - include when partners may have competing interests
3. International Operations: Cross-border considerations - include for partnerships operating in multiple jurisdictions
4. Regulatory Compliance: Specific regulatory requirements - include for regulated industries
1. Schedule 1: Initial Capital Contributions: Detailed breakdown of partners' initial investments
2. Schedule 2: Business Plan: Initial business strategy and projections
3. Schedule 3: Partner Details: Detailed information about each partner
4. Schedule 4: Key Performance Indicators: Metrics for measuring partnership success
Authors
Business
Business Day
Business Plan
Capital Account
Capital Contribution
Commencement Date
Confidential Information
Control
Default Event
Effective Date
Encumbrance
Financial Year
Initial Capital Contribution
Intellectual Property Rights
Management Board
Managing Partner
Material Breach
Partner
Partnership
Partnership Assets
Partnership Interest
Partnership Share
Profits
Regulatory Requirements
Reserved Matters
Senior Partners
Term
Territory
Transfer
Valuation
Working Capital
Capital Contributions
Profit and Loss Sharing
Management Structure
Decision Making
Reserved Matters
Partner Duties
Admission of New Partners
Transfer Restrictions
Exit Provisions
Non-Competition
Confidentiality
Intellectual Property
Bank Accounts
Accounting Records
Partner Meetings
Voting Rights
Default Events
Termination
Death or Incapacity
Dispute Resolution
Governing Law
Partner Warranties
Partnership Assets
Working Capital
Distribution Policy
Regulatory Compliance
Insurance
Force Majeure
Notices
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