The 60/40 Partnership Agreement is designed for situations where two parties wish to enter into a business partnership with an uneven ownership split in England and Wales. This arrangement is commonly used when one partner contributes more capital, expertise, or resources to the venture. The agreement covers essential aspects such as profit sharing, voting rights, management responsibilities, and exit strategies, while ensuring compliance with the Partnership Act 1890 and related legislation. This document is particularly useful for businesses where partners want to maintain clear majority control while still offering significant minority ownership.
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1. Parties: Details of the partners entering into the agreement
2. Background: Context and purpose of the partnership
3. Definitions: Key terms used throughout the agreement
4. Partnership Structure: 60/40 split details and capital contributions
5. Management Rights: Decision-making processes and voting rights
6. Profit and Loss Distribution: How profits and losses will be shared
7. Duration: Term of partnership and renewal provisions
8. Termination: Circumstances and process for ending the partnership
1. Non-compete: Restrictions on competing activities when partners may have competing interests
2. Intellectual Property: Ownership and use of IP when relevant to the business
3. Death/Incapacity: Procedures following death or incapacity of a partner
4. International Operations: Provisions for international business when operating across borders
1. Schedule 1: Initial Capital Contributions: Detailed breakdown of partners' initial investments
2. Schedule 2: Business Plan: Initial business plan and objectives
3. Schedule 3: Asset Register: List of partnership assets and their ownership
4. Appendix A: Partner Contact Details: Contact information for all partners
5. Appendix B: Banking Arrangements: Details of partnership bank accounts and signatories
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