Accounting Firm Partnership Agreement Template for New Zealand

The Accounting Firm Partnership Agreement serves as the foundational document for establishing and operating an accounting partnership in New Zealand. This agreement is essential when forming a new accounting partnership, admitting new partners, or updating existing partnership arrangements. It comprehensively addresses all aspects of partnership operations, including capital contributions, profit sharing, management structure, decision-making processes, and partner obligations. The document ensures compliance with New Zealand legislation, including the Partnership Act 2019, professional standards set by the New Zealand Institute of Chartered Accountants, and relevant financial services regulations. It provides necessary frameworks for governance, dispute resolution, and partner exits, while protecting the firm's interests and maintaining professional standards.

1. Parties: Identifies and defines all partners entering into the agreement

2. Background: Sets out the context and purpose of the partnership agreement

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

4. Partnership Structure: Details the nature of the partnership, ownership structure, and capital contributions

5. Partnership Interests: Specifies each partner's ownership percentage and voting rights

6. Management and Decision Making: Establishes governance structure, voting procedures, and decision-making processes

7. Financial Arrangements: Covers profit sharing, drawings, capital accounts, and financial management

8. Duties and Obligations of Partners: Outlines partners' responsibilities, professional obligations, and ethical requirements

9. Professional Standards: Specifies compliance requirements with NZICA standards and other professional regulations

10. Client Relations: Establishes protocols for client engagement, retention, and relationship management

11. Confidentiality and Intellectual Property: Addresses confidentiality obligations and ownership of firm intellectual property

12. Insurance and Liability: Details professional indemnity insurance requirements and liability arrangements

13. Addition of New Partners: Procedures for admitting new partners to the firm

14. Retirement and Exit: Process for partner retirement, resignation, or voluntary exit

15. Termination and Expulsion: Grounds and procedures for partnership termination or partner expulsion

16. Dispute Resolution: Procedures for resolving disputes between partners

17. General Provisions: Includes standard boilerplate clauses, governing law, and notices