untitled

Partnership 337

Model Partnership Deed

This partnership agreement is made on (date) ............................................

between (name 1) ................ of (address 1) ................................................

and (name 2) ....................... of (address 2) ................................................

and (name 3) ....................... of (address 3) ................................................

It is agreed as follows:

1) The partners shall carry on business in partnership as (business) ................. under

the firm name of (partnership name) .............................................................. of

(partnership address) ..............................................................................................

2) The partnership will commence on the date of this agreement and shall continue

in existence for five years.

3) The partners shall be entitled to the profits arising from the partnership in equal shares.

4) The bankers of the firm shall be (name) .................. of (address) ................................

Cheques drawn in the name of the firm must be signed by all of the partners.

5) Each partner shall devote his or her whole time to the business of the partnership.

6) Each partner shall be entitled to (number) .................. weeks’ holiday each year.

7) None of the partners shall without the consent of the other: engage in any business

other than partnership business; or employ or dismiss any partnership employee.

8) Each partner shall be entitled to draw(amount) ........... as salary from the

partnership bank account each month.

9) All matters relating to the management of the affairs of the partnership shall be

decided by votes taken at a meeting of the partners. At such meetings each partner

shall be entitled to one vote and resolutions shall be passed by a simple majority vote.

10. If any disputes should arise as to the meaning of this partnership deed or as to the
    rights and liabilities of the partners under it, such disputes shall be referred to an
    arbitrator to be appointed by the President of the Chartered Institute of Arbitrators.
    The decision of the arbitrator shall be binding on all of the partners.

Signed as a deed by(name 1) .................. in the presence of (witness) ..................

Signed as a deed by (name 2) .................. in the presence of (witness) ..................

Signed as a deed by (name 3) .................. in the presence of (witness) ..................