Partnership Deed Template for New Zealand

The Partnership Deed is a fundamental legal document used when two or more parties wish to enter into a business partnership in New Zealand. This document is essential for establishing clear guidelines and protecting all partners' interests in accordance with the Partnership Law Act 2019 and related New Zealand legislation. It covers crucial aspects such as capital contributions, profit sharing, management rights, decision-making processes, and exit strategies. The deed is particularly important as it prevents future disputes by clearly defining each partner's rights and obligations, and provides mechanisms for handling various business scenarios including partner admission, retirement, and dissolution. It should be customized to reflect the specific nature of the business, partner relationships, and operational requirements while ensuring compliance with New Zealand legal requirements.

1. Parties: Identifies and provides full details of all partners entering into the partnership agreement

2. Background: Sets out the context and intention of the partners to form a partnership and conduct business together

3. Definitions and Interpretation: Defines key terms used throughout the deed and establishes rules for interpreting the document

4. Partnership Formation: Establishes the creation of the partnership, its name, and commencement date

5. Nature of Business: Defines the scope and type of business activities the partnership will undertake

6. Capital Contributions: Details the initial and any agreed future capital contributions of each partner

7. Partnership Property: Defines what constitutes partnership property and how it will be held

8. Profit and Loss Sharing: Specifies how profits and losses will be distributed among partners

9. Management and Decision Making: Outlines the management structure and decision-making processes

10. Partners' Duties and Obligations: Sets out the responsibilities and obligations of all partners

11. Financial Records and Accounting: Establishes requirements for maintaining financial records and conducting audits

12. Banking and Financial Arrangements: Details the partnership's banking arrangements and financial controls

13. Admission of New Partners: Procedures for admitting new partners to the partnership

14. Retirement and Resignation: Process for voluntary exit from the partnership

15. Death or Incapacity: Procedures following death or incapacity of a partner

16. Termination and Dissolution: Circumstances and procedures for ending the partnership

17. Dispute Resolution: Procedures for resolving disputes between partners

18. Governing Law: Specifies that New Zealand law governs the partnership deed