Family Partnership Agreement Template for Nigeria

1. Parties: Identification of all family members entering into the partnership agreement, including their full legal names, addresses, and relationships

2. Background: Context of the family business, history, and purpose of establishing the partnership

3. Definitions: Key terms used throughout the agreement, including family-specific terminology and business concepts

4. Partnership Formation: Declaration of partnership formation, business name, commencement date, and principal place of business

5. Nature of Business: Detailed description of the partnership's business activities and scope

6. Capital Contributions: Initial and ongoing capital contributions from each partner, including valuation of non-cash assets

7. Profit and Loss Sharing: Formula and mechanism for distributing profits and losses among family members

8. Management and Decision Making: Governance structure, voting rights, and decision-making processes

9. Partners' Duties and Obligations: Specific responsibilities, commitments, and expectations of each partner

10. Family Employment Policy: Terms and conditions for family members working in the business

11. Succession Planning: Procedures for transfer of partnership interests to next generation or other family members

12. Exit Provisions: Terms for voluntary or involuntary withdrawal from the partnership

13. Dispute Resolution: Process for resolving conflicts between family members, including mediation and arbitration procedures

14. Duration and Termination: Term of the partnership and conditions for dissolution

15. Governing Law: Specification of Nigerian law as governing law and jurisdiction

1. Schedule 1: Initial Capital Contributions: Detailed list of cash and non-cash contributions from each partner

2. Schedule 2: Profit Sharing Ratios: Specific percentages and calculation methods for profit distribution

3. Schedule 3: Family Member Roles: Current positions and responsibilities of family members in the business

4. Schedule 4: Business Assets: Comprehensive list of partnership assets and their valuations

5. Schedule 5: Operating Procedures: Detailed business processes and operational guidelines

6. Appendix A: Family Constitution: Supplementary document outlining family governance principles

7. Appendix B: Succession Planning Framework: Detailed procedures for implementing succession plans

8. Appendix C: Dispute Resolution Procedures: Step-by-step process for handling family business disputes