The Partnership Checklist helps you to focus on the decisions that need to be made when setting up a partnership. It will also enable you to choose which of the Simply-Docs partnership agreements to use.
The checklist has a range of 36 straightforward questions to enable you to focus on the key legal and commercial issues that need to be considered when setting up a partnership, including proposed duration of the venture, capital contributions, drawings, profit and loss share, banking, insurance, holidays and management of the business.
A partnership will be implied by the law when two or more people are in a business relationship together with the view to making a profit. Where there is no express agreement, the Partnership Act 1890 will govern the relationship between the partners. This may not suit the parties’ purposes, so it is advisable to have a written agreement.
This Partnership Checklist is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.
Optional phrases / clauses are enclosed in square brackets. These should be read carefully and selected so as to be compatible with one another. Unused options should be removed from the document.