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Terms And Conditions Of Partnership Deed
"I need a Terms And Conditions Of Partnership Deed for a Lagos-based law firm partnership between three senior lawyers, with specific provisions for profit sharing based on seniority and client introduction (80:10:10 split), to commence from March 1, 2025."
1. Parties: Details of all partners entering into the partnership agreement
2. Background: Context of the partnership formation and partners' intentions
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. Partnership Name and Business: Official name of the partnership and nature of business to be conducted
5. Commencement and Duration: Start date and term of the partnership
6. Place of Business: Principal place of business and any branch locations
7. Capital Contributions: Initial and subsequent capital contributions by each partner
8. Profit and Loss Sharing: Distribution of profits and losses among partners
9. Banking and Finance: Banking arrangements and financial management procedures
10. Management and Decision Making: Partnership management structure and decision-making processes
11. Partners' Duties and Obligations: Rights, responsibilities, and restrictions on partners
12. Meetings and Resolutions: Procedures for partnership meetings and decision documentation
13. Books of Account and Audit: Financial record-keeping requirements and audit procedures
14. Addition of New Partners: Process for admitting new partners to the partnership
15. Retirement and Resignation: Procedures for partner retirement or voluntary exit
16. Death or Incapacity: Procedures following death or incapacity of a partner
17. Dissolution and Winding Up: Circumstances and procedures for partnership dissolution
18. Dispute Resolution: Methods for resolving disputes between partners
19. Governing Law: Specification of Nigerian law as governing law
20. General Provisions: Miscellaneous legal provisions including notices, amendments, etc.
1. Intellectual Property Rights: Ownership and management of IP created during partnership - include if business involves creative work or innovations
2. Non-Competition and Non-Solicitation: Restrictions on competitive activities - include for professional services or specialized trade partnerships
3. International Operations: Provisions for international business activities - include if operating across borders
4. Good Faith and Fair Dealing: Additional ethical obligations - include for high-trust or professional partnerships
5. Insurance: Required insurance coverage - include for high-risk businesses or professional services
6. Environmental Compliance: Environmental responsibilities - include for manufacturing or resource-based businesses
7. Technology and Data Protection: Digital assets and data handling - include for technology-based businesses
8. Staff and Employment: Employee management policies - include if partnership will have employees
1. Schedule 1 - Capital Contributions: Detailed breakdown of each partner's initial and agreed future capital contributions
2. Schedule 2 - Profit Sharing Ratios: Detailed profit and loss sharing arrangements including any special allocations
3. Schedule 3 - Partners' Authority Limits: Specific financial and operational authority limits for each partner
4. Schedule 4 - Business Plan: Initial business plan and strategic objectives
5. Schedule 5 - Property and Assets: List of partnership property and assets including valuations
6. Appendix A - Partner Details: Detailed information about each partner including contact details and qualifications
7. Appendix B - Banking Arrangements: Details of bank accounts and banking procedures
8. Appendix C - Accounting Policies: Specific accounting policies and procedures to be followed
Authors
Professional Services
Legal Services
Accounting and Financial Services
Medical Practices
Retail and Trading
Construction and Real Estate
Manufacturing
Agriculture
Technology and IT Services
Consulting Services
Food and Beverage
Transportation and Logistics
Education and Training
Legal
Finance
Compliance
Risk Management
Operations
Business Development
Corporate Secretariat
Administrative
Executive Leadership
Partnership Management
Managing Partner
Senior Partner
Business Owner
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Company Secretary
Business Development Manager
Finance Director
Operations Manager
Risk Manager
Compliance Officer
Professional Partner
General Counsel
Partnership Administrator
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