tiktok³ÉÈË°æ

The 50-50 Partnership Agreement is essential for entrepreneurs and business professionals in Nigeria who wish to establish an equal partnership structure. This document is particularly crucial when two parties intend to contribute equally to a business venture and share profits, losses, and responsibilities evenly. The agreement must comply with Nigerian Partnership Laws and CAMA 2020, making it suitable for use across all Nigerian states. It typically includes detailed provisions for capital contributions, management rights, profit sharing, dispute resolution, and partnership dissolution. The document serves as both a legal requirement and a practical guide for partnership operations, helping prevent future disagreements by clearly documenting all aspects of the partnership arrangement.

1. Parties: Identifies and provides full details of both partners entering into the 50-50 partnership

2. Background: Explains the context and purpose for forming the partnership

3. Definitions: Defines key terms used throughout the agreement

4. Partnership Formation: Establishes the creation of the partnership and its basic structure

5. Capital Contributions: Details the equal (50-50) capital contributions from each partner

6. Profit and Loss Sharing: Specifies the equal distribution of profits and losses

7. Management and Control: Outlines how the partnership will be managed and decisions made

8. Rights and Duties of Partners: Defines the specific rights and responsibilities of each partner

9. Banking and Financial Matters: Establishes banking arrangements and financial management procedures

10. Accounting and Records: Specifies requirements for maintaining partnership accounts and records

11. Meetings and Decision Making: Details the process for partner meetings and making partnership decisions

12. Restrictions on Partners: Outlines limitations on partners' activities, including non-compete and confidentiality obligations

13. Term and Termination: Specifies the partnership duration and conditions for termination

14. Death or Incapacity: Addresses procedures in case of death or incapacity of a partner

15. Dispute Resolution: Establishes procedures for resolving disagreements between partners

16. Governing Law: Specifies that Nigerian law governs the agreement

17. General Provisions: Contains standard boilerplate clauses