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Terms And Conditions Of Partnership Deed
"I need a Terms and Conditions of Partnership Deed for a professional services firm in Kuala Lumpur with three partners, where profits will be shared 40-30-30 and we require strict non-compete clauses for all partners."
1. Parties: Identifies and defines all partners entering into the partnership deed
2. Background: States the intention of the parties to form a partnership and brief context
3. Definitions: Defines key terms used throughout the partnership deed
4. Partnership Name and Business: Specifies the name under which the partnership will operate and nature of business
5. Commencement and Term: States when the partnership begins and its duration
6. Capital Contributions: Details the initial and any agreed future capital contributions of each partner
7. Profit and Loss Sharing: Specifies how profits and losses will be distributed among partners
8. Management and Decision Making: Outlines management structure and how decisions will be made
9. Partners' Duties and Obligations: Details the responsibilities and obligations of all partners
10. Banking and Financial Records: Specifies banking arrangements and requirements for maintaining financial records
11. Admission of New Partners: Procedures for admitting new partners to the partnership
12. Retirement and Expulsion: Processes for partner retirement and circumstances for expulsion
13. Death or Incapacity: Procedures following death or incapacity of a partner
14. Dissolution: Circumstances and procedures for partnership dissolution
15. Governing Law: Specifies that Malaysian law governs the partnership deed
1. Non-Competition: Restricts partners from competing with the partnership - used when intellectual property or trade secrets are involved
2. Intellectual Property Rights: Addresses ownership and use of IP - included when partnership involves creation or use of intellectual property
3. Good Will: Defines treatment of partnership goodwill - important for professional services partnerships
4. International Operations: Addresses cross-border activities - included when partnership operates internationally
5. Alternative Dispute Resolution: Specifies mediation or arbitration procedures - useful for larger partnerships
6. Insurance: Details required insurance coverage - important for high-risk businesses
7. Environmental Compliance: Environmental obligations - needed for partnerships in industries with environmental impact
1. Schedule 1: Capital Contributions: Detailed breakdown of each partner's capital contributions
2. Schedule 2: Profit Sharing Ratios: Specific percentages or formulas for profit and loss distribution
3. Schedule 3: Partners' Authority Limits: Detailed breakdown of spending and decision-making authority limits
4. Schedule 4: Partnership Assets: List of all assets owned by or transferred to the partnership
5. Appendix A: Partnership Premises: Details of business premises and any lease arrangements
6. Appendix B: Business Plan: Initial business plan and strategic objectives
7. Appendix C: Specimen Signatures: Partners' specimen signatures for banking and official documents
Authors
Professional Services
Retail
Manufacturing
Construction
Technology
Healthcare
Food and Beverage
Real Estate
Agriculture
Consulting
Education
Financial Services
Legal
Finance
Compliance
Risk Management
Corporate Secretarial
Business Development
Operations
Executive Leadership
Business Owner
Managing Partner
General Partner
Limited Partner
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Company Secretary
Business Development Manager
Partnership Manager
Compliance Officer
Risk Manager
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