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Formal Partnership Agreement
I need a Formal Partnership Agreement for a Hong Kong-based accounting firm with four equal partners, including specific provisions for profit sharing based on performance metrics and a clause allowing for the admission of two additional partners by March 2025.
1. Parties: Identification and details of all partners entering into the agreement
2. Background: Context of the partnership formation and partners' intention to enter into the agreement
3. Definitions: Defined terms used throughout the agreement
4. Partnership Name and Business: Official name of the partnership and nature of business to be conducted
5. Commencement and Term: Start date and duration of the partnership
6. Capital Contributions: Initial and ongoing capital contributions from each partner
7. Profit and Loss Sharing: Distribution of profits and allocation of losses among partners
8. Management and Decision Making: Partnership governance structure and decision-making processes
9. Partners' Duties and Obligations: Rights, responsibilities, and obligations of all partners
10. Banking and Financial Matters: Banking arrangements, accounting practices, and financial management
11. Addition and Retirement of Partners: Procedures for admitting new partners and handling partner retirement
12. Death or Incapacity: Procedures following death or incapacity of a partner
13. Termination and Dissolution: Circumstances and procedures for partnership termination and dissolution
14. Dispute Resolution: Procedures for resolving disputes between partners
15. Governing Law: Specification of Hong Kong law as governing law and jurisdiction
1. Intellectual Property Rights: Ownership and management of IP when the partnership involves intellectual property
2. Non-Competition and Non-Solicitation: Restrictions on partners' competitive activities, used when protecting business interests is crucial
3. Insurance: Partnership insurance requirements, included when specific insurance coverage is necessary
4. Good Faith and Fair Dealing: Explicit good faith obligations, useful in complex partnerships
5. External Activities: Rules regarding partners' involvement in other businesses, relevant when partners have multiple business interests
6. Confidentiality: Detailed confidentiality provisions, important for partnerships dealing with sensitive information
7. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in high-risk businesses
1. Schedule 1 - Capital Contributions: Detailed breakdown of each partner's initial and agreed future capital contributions
2. Schedule 2 - Profit Sharing Ratios: Specific percentages or formulas for profit and loss distribution
3. Schedule 3 - Partner Information: Detailed information about each partner including contact details and representatives
4. Schedule 4 - Business Plan: Initial business plan and strategic objectives of the partnership
5. Schedule 5 - Management Structure: Detailed management structure and decision-making procedures
6. Appendix A - Partnership Property: List and details of partnership property and assets
7. Appendix B - Special Terms: Any special terms or conditions specific to the partnership
Authors
Professional Services
Real Estate
Trading and Distribution
Technology and Innovation
Financial Services
Consulting
Healthcare
Manufacturing
Retail
Construction
Education
Creative Industries
Legal
Corporate Governance
Finance
Compliance
Risk Management
Operations
Business Development
Administrative
Executive Management
Managing Partner
Senior Partner
Legal Counsel
Corporate Lawyer
Business Development Manager
Chief Executive Officer
Chief Financial Officer
Company Secretary
Risk Manager
Compliance Officer
Partnership Administrator
Business Owner
Professional Services Partner
Operations Director
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