The Partnership Contract is a crucial legal document used when two or more parties wish to establish a business partnership in Nigeria. It is essential for formalizing business relationships and ensuring compliance with Nigerian partnership laws, including the Partnership Act 1890 and the Companies and Allied Matters Act (CAMA) 2020. This document should be used when establishing any form of business partnership, whether general or limited liability, as it sets out the fundamental terms of the relationship, including capital contributions, profit sharing, management rights, partner obligations, and exit procedures. The agreement provides legal protection for all partners and establishes clear operational guidelines, making it indispensable for both new partnerships and the reformation of existing ones. Professional legal counsel is typically engaged in drafting and reviewing this contract to ensure it meets all regulatory requirements and adequately protects the partners' interests.
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1. Parties: Identification and details of all partners entering into the partnership agreement
2. Background: Context of the partnership formation and partners' intention to conduct business together
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Name and Business: Official name of the partnership and detailed description of its business activities
5. Commencement and Term: Start date and duration of the partnership
6. Capital Contributions: Initial and subsequent capital contributions by each partner
7. Profit and Loss Sharing: Agreement on how profits and losses will be distributed among partners
8. Management and Decision Making: Structure for partnership management and process for making business decisions
9. Partners' Duties and Obligations: Specific responsibilities and obligations of each partner
10. Banking and Financial Matters: Banking arrangements and financial management procedures
11. Accounting and Records: Requirements for maintaining partnership accounts and records
12. Admission of New Partners: Process and conditions for admitting new partners
13. Retirement and Resignation: Procedures for partner retirement or voluntary exit
14. Death or Incapacity: Provisions dealing with death or incapacity of partners
15. Dissolution: Circumstances and procedures for partnership dissolution
16. Dispute Resolution: Methods for resolving disputes between partners
17. Governing Law: Specification of Nigerian law as governing law and jurisdiction
1. Non-Competition and Confidentiality: Restrictions on partners competing with the partnership and handling of confidential information
2. Intellectual Property Rights: Provisions regarding ownership and use of intellectual property, necessary if IP is significant to the business
3. Insurance: Requirements for partnership insurance coverage
4. External Investment: Provisions for accepting external investment or loans
5. International Operations: Special provisions for partnerships operating internationally
6. Special Purpose Vehicles: Provisions for creating and managing subsidiary entities
7. Environmental Compliance: Environmental obligations and compliance requirements, necessary for environmentally sensitive businesses
8. Technology and Data Protection: Provisions regarding use of technology and data protection compliance
1. Schedule 1: Capital Contributions: Detailed breakdown of each partner's initial and agreed future capital contributions
2. Schedule 2: Profit Sharing Ratios: Detailed formula and conditions for profit and loss distribution
3. Schedule 3: Partner Information: Detailed information about each partner including contact details and representatives
4. Schedule 4: Business Plan: Initial business plan and strategy of the partnership
5. Schedule 5: Property and Assets: List of partnership property and assets with valuations
6. Schedule 6: Management Responsibilities: Detailed allocation of management duties and responsibilities
7. Appendix A: Partnership Policies: Key operational policies and procedures
8. Appendix B: Required Regulatory Permits: List of required licenses, permits and regulatory approvals
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