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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: Key terms used throughout the agreement
4. Partnership Formation: Declaration of partnership formation, commencement date, and partnership name
5. Capital Contributions: Details of initial and any agreed future capital contributions by each partner
6. Profit and Loss Sharing: Equal (50-50) distribution of profits and losses between partners
7. Management and Decision Making: Process for day-to-day management and requirements for major decisions
8. Banking and Financial Records: Banking arrangements and requirements for maintaining financial records
9. Partner Duties and Obligations: Core responsibilities and obligations of each partner
10. Partnership Property: Treatment and ownership of partnership assets
11. Term and Termination: Duration of partnership and circumstances for termination
12. Dispute Resolution: Process for resolving disagreements between partners
13. Governing Law: Specification that the agreement is governed by Australian law
1. Non-Competition: Restrictions on partners engaging in competing businesses, used when partners have other business interests
2. Intellectual Property: Treatment of IP rights, necessary when the partnership involves creation or use of intellectual property
3. Insurance: Requirements for business insurance, important for partnerships with significant risks or assets
4. Death or Incapacity: Procedures in case of death or incapacity of a partner, important for longer-term partnerships
5. External Activities: Rules about partners' involvement in other business activities, useful when partners have multiple ventures
6. Admission of New Partners: Process for adding new partners, if future expansion is contemplated
7. Good Will: Treatment of partnership goodwill, important for service-based or branded businesses
1. Schedule 1 - Initial Capital Contributions: Detailed list of each partner's initial capital contributions, including valuations
2. Schedule 2 - Partnership Assets: Comprehensive list of partnership assets and their agreed values
3. Schedule 3 - Operational Procedures: Detailed procedures for day-to-day operations and decision-making
4. Schedule 4 - Distribution Policy: Detailed policy for timing and method of profit distributions
5. Appendix A - Business Plan: Initial business plan and objectives of the partnership
6. Appendix B - Partner Contact Details: Full contact and communication details for all partners
Business
Business Day
Business Hours
Business Name
Capital Account
Capital Contribution
Commencement Date
Confidential Information
Default Event
Financial Year
GST
Initial Capital
Insolvency Event
Intellectual Property
Material Decision
Net Profit
Operating Account
Partner
Partnership
Partnership Assets
Partnership Interest
Partnership Property
Principal Place of Business
Related Entity
Relevant Law
Security Interest
Term
Territory
Working Capital
Capital Contributions
Profit and Loss Sharing
Management Rights
Decision Making
Banking Arrangements
Financial Records
Partner Duties
Non-Competition
Confidentiality
Intellectual Property
Partnership Property
Additional Capital
Distribution Policy
Partner Meetings
Business Operations
Accounting and Audit
Insurance
Third Party Dealings
Assignment and Transfer
Admission of New Partners
Death or Incapacity
Termination
Dissolution
Dispute Resolution
Force Majeure
Notices
Governing Law
Severability
Entire Agreement
Professional Services
Retail
Hospitality
Construction
Information Technology
Healthcare
Real Estate
Consulting
Manufacturing
Creative Industries
Agriculture
Education and Training
Legal
Corporate Services
Business Development
Operations
Finance
Compliance
Risk Management
Strategy
Commercial
Business Owner
Entrepreneur
Small Business Manager
Legal Counsel
Business Development Manager
Company Director
Managing Partner
Operations Manager
General Manager
Startup Founder
Business Advisor
Corporate Lawyer
Partnership Manager
Business Consultant
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