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 6 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 yearStart now
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.
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