Partnership Agreement

by Shane Li   |   0 Comments  |   126 Views    |   0/5 Rating   |   Print This Article
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Apr 11th, 2012
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Partnership agreement is a written or oral mutual consent to run a business as co-owners for profit. Partnership agreement is also known as articles of partnership.

Contents of the Agreement / the Common Provisions of a Partnership Contract

1. The name of the firm

2. The place of the business

3. Nature of business

4. The names and addresses of partners

5. The amount of investment by each partner

6. The length of life of the partnership

7. The profit sharing ratio of partners

8. Extent of withdrawals by each partner

9. Procedure of admission of a new partner

10. A provision of salaries to partners

11. A provision of dissolution of the firm

12. Determination of an accounting system and a fiscal year

13. Rights, duties, and liabilities of partners

14. The name of the banker

15. The signing authority of the check

16. A provision of the retirement of a partner

17. Determination of goodwill

18. A provision of bonus to partners

19. A provision of the method of settlement of disputes

20. A provision for minor partners

21. Interest on capital

22. Interest on loan

23. Loan from partners

24. Loan to partners

25. Method of inventory valuation

26. Depreciation method

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