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Simple Partnership Agreement
"I need a Simple Partnership Agreement for three IT consultants forming a partnership in Brussels, starting March 2025, with equal profit sharing and specific provisions for intellectual property rights and client confidentiality."
1. Parties: Identification and details of all partners entering into the partnership agreement
2. Background: Context of the partnership formation and partners' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Formation and Name: Declaration of partnership formation, partnership name, and effective date
5. Purpose and Business: Detailed description of partnership's business activities and objectives
6. Duration: Term of the partnership (definite or indefinite)
7. Capital Contributions: Details of initial and any agreed future capital contributions by partners
8. Profit and Loss Sharing: Agreement on how profits and losses will be distributed among partners
9. Management and Decision Making: Partnership management structure and decision-making processes
10. Partners' Rights and Obligations: Detailed rights and responsibilities of all partners
11. Banking and Financial Matters: Banking arrangements and financial management procedures
12. Accounting and Records: Requirements for maintaining partnership accounts and records
13. Transfer of Partnership Interest: Rules governing the transfer of partnership interests
14. Withdrawal and Retirement: Procedures for partner withdrawal or retirement
15. Dissolution and Liquidation: Circumstances and procedures for partnership dissolution
16. Governing Law: Confirmation of Belgian law as governing law
17. Dispute Resolution: Procedures for resolving disputes between partners
1. Non-Competition: Restrictions on partners competing with partnership business - include when partners have other business interests
2. Intellectual Property: IP ownership and usage rights - include when partnership involves creation or use of IP
3. Confidentiality: Protection of partnership's confidential information - important for partnerships with sensitive information
4. Death of Partner: Procedures following death of a partner - particularly important for family partnerships
5. Additional Capital Contributions: Procedures for requesting and making additional capital contributions - include for partnerships likely to need future funding
6. Partnership Property: Specific provisions regarding ownership and use of partnership property - include when partnership owns significant assets
7. Insurance: Requirements for partnership insurance - include when business activities require specific insurance coverage
1. Schedule 1 - Initial Capital Contributions: Detailed breakdown of each partner's initial capital contributions
2. Schedule 2 - Business Plan: Initial business plan and objectives of the partnership
3. Schedule 3 - Management Procedures: Detailed procedures for day-to-day management and decision-making
4. Schedule 4 - Accounting Policies: Specific accounting policies and procedures to be followed
5. Schedule 5 - Partner Contact Details: Full contact details and addresses for service for all partners
6. Appendix A - Form of Partnership Resolution: Template for formal partnership resolutions
7. Appendix B - Bank Mandate: Banking arrangements and authorized signatories
Authors
Professional Services
Retail
Agriculture
Creative Industries
Construction
Real Estate
Consulting
Technology
Healthcare
Education
Hospitality
Manufacturing
Legal
Finance
Operations
Business Development
Compliance
Risk Management
Corporate Governance
Business Strategy
Administrative Support
Business Owner
Managing Partner
Entrepreneur
Legal Counsel
Business Development Manager
Financial Director
Operations Manager
Professional Service Provider
Project Manager
Risk Manager
Compliance Officer
Partnership Manager
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