The 60/40 Partnership Agreement is a crucial legal document used when establishing partnerships under German law where partners intend to have an unequal ownership structure. This document is particularly relevant when one partner contributes more capital, expertise, or resources and therefore warrants a controlling interest (60%) while the other partner takes a significant but minority position (40%). The agreement must comply with German partnership law, including the B眉rgerliches Gesetzbuch (BGB) and Handelsgesetzbuch (HGB), and typically includes detailed provisions for capital contributions, profit sharing, management rights, decision-making processes, and exit strategies. It's commonly used in new business ventures, professional practices, or when restructuring existing partnerships, providing a clear legal framework that protects both partners' interests while maintaining operational efficiency.
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1. Parties: Identification and details of the partners entering into the agreement
2. Background: Context of the partnership formation and partners' intentions
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Structure: Legal form of partnership and ownership ratios (60/40 split)
5. Capital Contributions: Initial and ongoing capital contributions of each partner
6. Profit and Loss Distribution: 60/40 profit and loss sharing arrangement and distribution mechanics
7. Management and Decision Making: Partnership management structure and voting rights
8. Partners' Rights and Obligations: Detailed responsibilities and rights of each partner
9. Business Operations: Day-to-day management and operational procedures
10. Banking and Financial Matters: Banking arrangements, accounting principles, and financial management
11. Term and Termination: Duration of partnership and termination procedures
12. Dispute Resolution: Procedures for resolving disputes between partners
13. Governing Law: Specification of German law as governing law and jurisdiction
1. Non-Competition: Restrictions on partners engaging in competing businesses, include if partners have other business interests
2. Intellectual Property: IP ownership and usage rights, include if partnership involves creation or use of IP
3. Insurance: Required insurance coverage, include if business activities require specific insurance
4. Employee Matters: Employment policies and procedures, include if partnership will have employees
5. Assignment and Transfer: Rules for transferring partnership interests, include if partners want to restrict ownership transfers
6. Force Majeure: Provisions for unforeseen circumstances, include if business is susceptible to external disruptions
7. Confidentiality: Protection of partnership's confidential information, include if business involves sensitive information
1. Schedule A - Initial Capital Contributions: Detailed list of each partner's initial capital contributions (cash, assets, or services)
2. Schedule B - Business Plan: Initial business plan and strategic objectives
3. Schedule C - Management Structure: Detailed organizational structure and management procedures
4. Schedule D - Financial Procedures: Detailed accounting procedures and financial reporting requirements
5. Appendix 1 - Partner Contact Information: Complete contact details and addresses of all partners
6. Appendix 2 - Bank Account Details: Partnership bank account information and signing authorities
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