The Partnership Contract Agreement is a crucial legal document used when two or more parties wish to establish a business partnership in the Philippines. This document is essential for compliance with the Civil Code of the Philippines (Republic Act No. 386) and the Code of Commerce, which govern partnership formations and operations. It should be used when establishing any form of business partnership, whether general or limited, and must include specific provisions required by Philippine law regarding capital contributions, profit sharing, management structure, and partner obligations. The agreement serves as the primary reference point for partner relationships, dispute resolution, and business operations, making it fundamental for protecting partners' interests and ensuring clear understanding of rights and responsibilities. It is particularly important given the Philippines' specific requirements for partnership registration, tax compliance, and business operations.
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1. Parties: Identification and details of all partners entering into the agreement
2. Background: Context of the partnership formation and brief description of partners' intention to enter into the partnership
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Formation and Nature: Declaration of partnership formation, business name, and type of partnership
5. Purpose and Business Objectives: Detailed description of the partnership's business purposes and objectives
6. Capital Contributions: Details of initial and ongoing capital contributions from each partner
7. Profit and Loss Sharing: Agreement on how profits and losses will be distributed among partners
8. Management and Control: Structure of partnership management and decision-making processes
9. Rights and Obligations of Partners: Detailed outline of partners' rights, duties, and responsibilities
10. Banking and Financial Matters: Banking arrangements, financial management, and accounting procedures
11. Term and Termination: Duration of partnership and conditions for termination
12. Dissolution and Liquidation: Procedures for partnership dissolution and asset distribution
13. Governing Law: Specification of Philippine law as governing law and jurisdiction
14. Dispute Resolution: Procedures for resolving disputes between partners
15. Miscellaneous Provisions: General provisions including notices, amendments, and severability
1. Non-Competition: Restrictions on partners competing with the partnership - include when partners have other business interests
2. Intellectual Property Rights: Management of IP rights - include when the partnership will develop or use significant IP
3. Insurance: Partnership insurance requirements - include for high-risk businesses
4. Admission of New Partners: Procedures for admitting new partners - include when partnership growth is anticipated
5. Buy-Sell Provisions: Procedures for partners buying out others' interests - include for larger partnerships
6. Foreign Investment Provisions: Special provisions for foreign partners - include when there are foreign partners
7. Employee Management: Guidelines for hiring and managing employees - include when the partnership will have employees
1. Schedule A - Capital Contributions: Detailed breakdown of each partner's initial and committed capital contributions
2. Schedule B - Profit Sharing Ratios: Detailed allocation of profit and loss sharing among partners
3. Schedule C - Partner Information: Detailed information about each partner including contact details and representatives
4. Schedule D - Business Plan: Initial business plan and projections
5. Schedule E - Asset Register: List of partnership assets and their values
6. Appendix 1 - Partnership Policies: Internal policies and procedures for partnership operations
7. Appendix 2 - Signatory Authorities: Details of signing authorities and limits for each partner
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