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New Template Minutes & Written Resolution

December 2019

As a matter of good internal governance, partnerships should establish a process for arriving at internal decisions that they have made. This may be particularly important because a general partnership is no more than a collection of individual partners (without separate legal personality) and each partner has unlimited liability for the firm’s debts and other obligations. Therefore, it may be important to put in place a formal process that partnerships have to abide by in relation to how certain key decisions are made; for example, the admission or expulsion of a partner or a change to the profit and loss shares of individual partners.

This month two new templates have been added to the Corporate Documents Folder. A new template form of partnership minutes and a written resolution for a partnership to use in order to record the decisions they have made. These largely mirror the templates for use by LLPs, which in turn have been adapted from the templates that a private limited company would use.

The templates can be adjusted to suit the specific needs of an individual partnership.

These new templates will be of interest to all partners and administrators of partnerships.

The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.

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