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Partnership Agreement Template for Ireland

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Key Requirements PROMPT example:

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."

Document background
The Partnership Agreement is a crucial legal document used when two or more individuals or entities wish to establish a business partnership under Irish law. It serves as the primary governing document that defines the partnership's structure, operations, and partner relationships, incorporating requirements from the Partnership Act 1890 and other relevant Irish legislation. This agreement is essential for any business partnership in Ireland, whether it's a professional services firm, trading business, or investment venture. It covers vital aspects such as capital contributions, profit-sharing arrangements, management responsibilities, decision-making processes, partner duties, admission of new partners, withdrawal procedures, and dissolution terms. The document provides legal certainty and protection for all partners while establishing clear operational guidelines and dispute resolution mechanisms.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions













































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Relevant Industries

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

Relevant Teams

Legal

Finance

Corporate Governance

Compliance

Risk Management

Business Development

Operations

Executive Leadership

Administrative

Company Secretariat

Relevant Roles

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

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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