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.
Downloading your free legal document is easy. Fill in the required information and your document will be emailed to you instantly.
You will need the following information to generate your document:
- names of all partners;
- addresses of all partners; and
- name of partnership.
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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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
