A partnership agreement is an agreement between two or more parties who wish to enter into business together in the form of a partnership. This partnership agreement provides for up to six partners. Unlike a company, a partnership is not a separate legal entity, although it must have a tax file number (TFN), an Australian Business Number (ABN) and must lodge a tax return. Each partner must pay tax on the proportion of partnership income that they receive in a financial year.

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You will need the following information to generate your document:

  • names of all partners;
  • addresses of all partners; and
  • name of partnership.
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About this Document

LegalVision’s LVDox™ Free Partnership Agreement allows you to ensure that the relationship between business partners is documented in a basic manner. 

This free document covers:

  • the terms and purpose of a partnership;
  • the rights, responsibilities and obligations of the partners;
  • how long the partnership is intended to operate; and
  • rights, responsibilities and obligations of the partners.

The LVDox™ Free Partnership Agreement divides the partnership’s profits and losses equally. If you require profits and losses to be divided in a different way, the following clauses can be customised by one of our lawyers to your specific needs:

  • a sophisticated dispute resolution clause;
  • a non-compete clause;
  • additional provisions in related to the rights, responsibilities and obligations of the partners, particularly if an agreement has been reached on particular issues; and
  • profit and loss distribution clauses that are specific to your business.

 

 

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Pro Document Benefits

You can choose to upgrade your LVDox to a LVDox Pro document. Upgrading your legal document has the following benefits:

  • Consultation with a lawyer specialising in your industry
  • Review of the legal requirements for your business
  • Drafted specifically for your business and industry
  • Document reviewed and signed off by a lawyer
  • Covered by LegalVision’s professional indemnity insurance
  • We provide a fixed-fee service so there are no surprises

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