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1. Parties: Identification and details of the two partners entering into the 50/50 partnership
2. Background: Context of the partnership formation and partners' intention to enter into a 50/50 partnership arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Structure: Confirmation of 50/50 ownership structure and equal partnership status
5. Capital Contributions: Details of initial and any agreed future capital contributions from each partner
6. Profit and Loss Sharing: Equal distribution mechanism for profits and losses between partners
7. Management and Decision Making: Process for day-to-day management and requirements for major decisions
8. Partners' Duties and Obligations: Core responsibilities and obligations of each partner
9. Banking and Financial Management: Banking arrangements and financial control procedures
10. Partnership Property: Treatment and ownership of partnership assets and intellectual property
11. Accounting and Records: Requirements for financial record keeping and reporting
12. Partner Drawings: Process and limits for partner withdrawals from the business
13. Termination and Exit: Processes for ending the partnership or partner exit
14. Dispute Resolution: Procedures for resolving disagreements between partners
15. General Provisions: Standard boilerplate clauses including governing law, notices, and amendments
1. Non-Competition: Restrictions on partners competing with the partnership - include when partners have other business interests
2. Intellectual Property Protection: Detailed IP provisions - include when the business relies heavily on proprietary IP
3. Insurance Requirements: Specific insurance obligations - include for high-risk businesses
4. Employment of Partners: Terms for partners working in the business - include when partners will be employed by the partnership
5. External Funding: Provisions for seeking and managing external funding - include if business likely to need external capital
6. Business Premises: Provisions regarding business location and premises - include if operating from specific premises
7. Succession Planning: Provisions for continuation after death/incapacity - include for long-term partnerships or high-value businesses
1. Schedule 1 - Initial Capital Contributions: Detailed list of cash, assets, and valuations of initial partner contributions
2. Schedule 2 - Business Plan: Initial business plan and strategy document
3. Schedule 3 - Partnership Assets: Comprehensive list of partnership assets and their agreed values
4. Schedule 4 - Intellectual Property Register: List of IP owned by or licensed to the partnership
5. Schedule 5 - Partner Duties: Detailed description of each partner's roles and responsibilities
6. Schedule 6 - Approved Drawing Amounts: Agreed regular drawing amounts for each partner
7. Appendix A - Valuation Methodology: Agreed method for valuing partnership interests for exit/dissolution
Accounting Period
Agreement
Assets
Australian Business Number
Authorised Representative
Banking Arrangements
Business
Business Day
Business Hours
Business Name
Business Plan
Capital Account
Capital Contribution
Commencement Date
Confidential Information
Current Account
Deadlock
Default Event
Drawing Account
Effective Date
Financial Records
Financial Year
GST
Initial Capital
Intellectual Property
Material Decision
Net Profit
Operating Expenses
Partnership
Partnership Assets
Partnership Capital
Partnership Interest
Partnership Property
Partners
Quarter
Related Party
Termination Date
Trading Name
Working Capital
Formation of Partnership
Partnership Name
Business of Partnership
Term
Capital Contributions
Additional Capital
Partnership Assets
Banking
Accounts and Records
Financial Statements
Profit and Loss Distribution
Partner Drawings
Management Rights
Decision Making
Meetings
Partner Duties
Non-Competition
Confidentiality
Intellectual Property
Insurance
Good Faith
Death or Incapacity
Retirement
Transfer of Interest
Termination
Dissolution
Dispute Resolution
Force Majeure
Notices
Governing Law
Amendment
Severability
Entire Agreement
Assignment
Further Assurance
Professional Services
Retail
Hospitality
Construction
Technology
Healthcare
Consulting
Real Estate
Manufacturing
Creative Industries
Agriculture
Education
Legal
Corporate
Finance
Accounting
Tax
Business Development
Operations
Compliance
Risk Management
Strategy
Business Owner
Entrepreneur
Managing Partner
Company Director
Legal Counsel
Business Lawyer
Corporate Lawyer
Accountant
Tax Advisor
Business Advisor
Management Consultant
Business Development Manager
Partnership Manager
Operations Manager
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