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A Partnership Agreement Between Three Individuals is essential when three people wish to establish a formal business partnership under English and Welsh law. This document sets out the fundamental terms of their business relationship, including financial commitments, operational responsibilities, and profit-sharing arrangements. It provides legal protection for all partners and clarity on their respective rights and obligations. The agreement should be used at the commencement of any three-person partnership or when formalizing an existing arrangement, ensuring compliance with the Partnership Act 1890 and other relevant legislation.

1. Parties: Details of the three partners entering into the agreement

2. Background: Context and purpose of the partnership

3. Definitions: Key terms used throughout the agreement

4. Partnership Business: Nature and scope of the partnership business

5. Capital Contributions: Initial and ongoing capital contributions of partners

6. Profit and Loss Sharing: Distribution of profits and allocation of losses

7. Management and Decision Making: Partnership governance and voting rights

8. Partners' Duties and Obligations: Responsibilities and obligations of each partner

9. Banking and Financial Matters: Financial procedures, bank accounts, and accounting requirements

10. Duration and Termination: Term of partnership and circumstances for termination

11. Death or Incapacity: Procedures in case of death or incapacity of a partner

12. Disputes: Dispute resolution procedures

13. General Provisions: Miscellaneous legal provisions including notices, amendments, and governing law