This document serves as a vital legal framework for establishing equal partnerships under Irish law. The 50-50 Partnership Agreement is specifically designed for situations where two parties wish to form a business partnership with equal sharing of ownership, control, profits, and responsibilities. It's particularly suitable for professional services, small businesses, or joint ventures where partners want to ensure equal participation and decision-making rights. The agreement incorporates essential elements required by Irish partnership law, including the Partnership Act 1890, while addressing contemporary business needs such as digital assets, intellectual property rights, and data protection. It provides comprehensive coverage of partnership formation, operation, dispute resolution, and dissolution procedures, making it suitable for both new partnerships and formalizing existing business relationships.
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1. Parties: Identifies and provides full details of the two partners entering into the 50-50 partnership
2. Background: Sets out the context and purpose of forming the partnership
3. Definitions: Defines key terms used throughout the agreement
4. Partnership Formation: Establishes the creation of the partnership, its name, and commencement date
5. Nature of Business: Defines the scope and type of business activities the partnership will undertake
6. Capital Contributions: Details the initial and any agreed future capital contributions from each partner
7. Profit and Loss Sharing: Specifies the 50-50 split of profits and losses and distribution mechanisms
8. Management and Decision Making: Outlines how the partnership will be managed and how decisions will be made
9. Partners' Duties and Obligations: Sets out the responsibilities and commitments of each partner
10. Banking and Financial Matters: Establishes banking arrangements and financial management procedures
11. Accounting and Records: Details requirements for maintaining partnership accounts and records
12. Admission of New Partners: Procedures for admitting new partners and impact on partnership structure
13. Death or Incapacity: Procedures to follow in case of death or incapacity of a partner
14. Termination and Dissolution: Circumstances and procedures for ending the partnership
15. Dispute Resolution: Mechanisms for resolving disagreements between partners
16. Governing Law: Confirms Irish law as governing law and jurisdiction
1. Intellectual Property Rights: Required when the partnership will create or use significant IP assets
2. Non-Competition and Non-Solicitation: Include when partners want to restrict post-partnership competitive activities
3. Insurance: Include when specific insurance requirements need to be maintained
4. Partnership Property: Required when the partnership will own significant assets
5. Data Protection: Include when the partnership will handle personal data
6. Force Majeure: Include when partners want specific provisions for unforeseen circumstances
7. Good Will: Include when the partnership involves valuable goodwill or brand value
8. Working Capital Loans: Include when partners anticipate need for additional financing
1. Schedule 1 - Initial Capital Contributions: Detailed list of each partner's initial capital contributions, including valuations
2. Schedule 2 - Business Plan: Initial business plan and financial projections
3. Schedule 3 - Partnership Property: Inventory of partnership assets and property
4. Schedule 4 - Accounting Policies: Detailed accounting procedures and policies
5. Schedule 5 - Deed of Adherence: Template for admitting new partners
6. Appendix A - Partner Contact Details: Contact information and addresses for service
7. Appendix B - Bank Account Details: Partnership banking information and authorized signatories
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Retail
Hospitality
Construction
Technology
Healthcare
Consulting
Real Estate
Agriculture
Creative Industries
Manufacturing
Trading
Food and Beverage
Relevant Teams
Legal
Finance
Corporate Services
Business Development
Operations
Risk and Compliance
Tax
Corporate Governance
Strategy
Relevant Roles
Business Owner
Entrepreneur
Managing Partner
Company Director
Business Development Manager
Legal Counsel
Corporate Lawyer
Partnership Manager
Finance Director
Business Advisor
Tax Consultant
Accountant
Professional Service Provider
Operations Manager
Risk Manager
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