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Partnership Agreement
"I need a Partnership Agreement under Irish law for a new accounting firm with three senior partners, to commence from January 2025, including specific provisions for professional indemnity and regulatory compliance with the Institute of Chartered Accountants Ireland."
1. Parties: Identification and details of all partners entering the agreement
2. Background: Context of the partnership formation and partners' intention to enter into the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Business: Description of the partnership's business objectives and scope
5. Commencement and Term: Start date and duration of the partnership
6. Capital Contributions: Details of initial and ongoing capital contributions from each partner
7. Profit and Loss Sharing: Formula and mechanisms for distributing profits and losses
8. Management and Decision Making: Partnership management structure and decision-making processes
9. Partners' Duties and Obligations: Rights, responsibilities, and obligations of all partners
10. Banking and Financial Matters: Financial management procedures and banking arrangements
11. Accounting and Records: Requirements for maintaining partnership accounts and records
12. Admission of New Partners: Process and conditions for admitting new partners
13. Retirement and Withdrawal: Procedures for partner retirement or voluntary withdrawal
14. Death or Incapacity: Provisions dealing with death or incapacity of partners
15. Termination: Circumstances and procedures for partnership termination
16. Dispute Resolution: Procedures for resolving disputes between partners
17. Governing Law: Confirmation of Irish law as governing law and jurisdiction
1. Intellectual Property: Provisions for IP ownership and usage - essential for partnerships involving creative or technical work
2. Non-Competition: Restrictions on partners competing with the partnership - relevant for professional services partnerships
3. Professional Indemnity: Professional liability provisions - crucial for professional services partnerships
4. Property and Equipment: Provisions regarding partnership premises and equipment - relevant if partnership owns/leases significant assets
5. International Operations: Provisions for international business - needed if partnership operates across borders
6. Data Protection: GDPR compliance provisions - essential if handling personal data
7. Employee Management: Provisions for hiring and managing employees - needed if partnership will have employees
8. Good Faith and Ethics: Additional ethical obligations - important for regulated professions
9. Environmental Compliance: Environmental responsibility provisions - relevant for partnerships in industrial or environmental sectors
1. Schedule 1 - Partner Details: Detailed information about each partner including contact details and professional qualifications
2. Schedule 2 - Capital Contributions: Detailed breakdown of initial and agreed future capital contributions
3. Schedule 3 - Profit Sharing Ratios: Detailed formula and calculations for profit and loss distribution
4. Schedule 4 - Business Plan: Initial business plan and strategic objectives
5. Schedule 5 - Management Structure: Detailed management structure and specific roles of managing partners
6. Schedule 6 - Property Details: Details of partnership premises, leases, and major assets
7. Appendix A - Partnership Policies: Key operational policies and procedures
8. Appendix B - Required Insurances: List of required insurance policies and minimum coverage
9. Appendix C - Approved Expenses: Guidelines for partnership-approved expenses and reimbursement procedures
Authors
Professional Services
Legal Services
Accounting and Financial Services
Medical Practices
Architecture and Design
Engineering Consultancy
Management Consulting
Real Estate
Retail and Trading
Technology and Software Development
Agricultural Business
Construction
Hospitality
Manufacturing
Creative and Media Services
Legal
Finance
Corporate Governance
Compliance
Risk Management
Business Development
Operations
Executive Leadership
Administrative
Company Secretariat
Managing Partner
Senior Partner
Business Owner
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Corporate Lawyer
Business Development Manager
Financial Director
Practice Manager
Operations Director
Managing Director
Compliance Officer
Risk Manager
Company Secretary
Professional Partner
Founding Partner
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