The Informal Partnership Agreement is designed for businesses operating in New Zealand who wish to establish a partnership structure without the complexity of forming a company. This document type is particularly suitable for small businesses, professional practices, or joint ventures where partners want to maintain operational flexibility while clearly defining their business relationship. The agreement complies with New Zealand partnership law, particularly the Partnership Act 1908, and includes essential provisions for capital contributions, profit sharing, management responsibilities, and dispute resolution. While informal in nature, it provides necessary legal protection and clarity for partners while being more straightforward than formal company documentation. This agreement type is commonly used by startups, professional service providers, and small business collaborations where partners need a clear framework for their business relationship without excessive administrative burden.
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1. Parties: Identifies and provides full details of all partners entering into the agreement
2. Background: Explains the context and purpose of forming the partnership
3. Definitions: Defines key terms used throughout the agreement
4. Partnership Business: Describes the nature and scope of the partnership business
5. Capital Contributions: Details the initial and ongoing capital contributions of each partner
6. Profit and Loss Sharing: Specifies how profits and losses will be distributed among partners
7. Management and Decision Making: Outlines how the partnership will be managed and how decisions will be made
8. Banking and Financial Records: Establishes banking arrangements and requirements for financial record-keeping
9. Partner Duties and Obligations: Sets out the key responsibilities and obligations of all partners
10. Duration and Termination: Specifies the partnership term and conditions for termination
11. Governing Law: Confirms that the agreement is governed by New Zealand law
1. Intellectual Property: Addresses ownership and use of intellectual property - include when the partnership will create or use significant IP
2. Non-Competition: Restricts partners from competing with the partnership - include when there's risk of competitive activities
3. Insurance: Specifies required insurance coverage - include when the business has significant risk exposure
4. Dispute Resolution: Details the process for resolving disputes - include when partners want a specific dispute resolution mechanism
5. New Partners: Procedures for admitting new partners - include when the partnership may expand
6. Death or Incapacity: Procedures following death or incapacity of a partner - include for longer-term partnerships
7. Partnership Property: Details handling of partnership property - include when significant assets are involved
1. Schedule 1: Initial Capital Contributions: Detailed breakdown of each partner's initial capital contributions
2. Schedule 2: Profit Sharing Ratios: Specific percentages or formulas for profit and loss distribution
3. Schedule 3: Partner Contact Details: Complete contact information for all partners
4. Appendix A: Business Plan: Initial business plan and objectives of the partnership
5. Appendix B: Operating Procedures: Day-to-day operational procedures and policies
Relevant legal definitions
Agreement
Business
Business Day
Capital Account
Capital Contribution
Commencement Date
Confidential Information
Default Event
Financial Year
Insolvency Event
Intellectual Property
Material Decision
Net Profit
Partnership
Partnership Assets
Partnership Interest
Partnership Property
Partners
Partnership Share
Profit and Loss
Related Party
Reserved Matters
Term
Territory
Working Capital
Business
Business Day
Capital Account
Capital Contribution
Commencement Date
Confidential Information
Default Event
Financial Year
Insolvency Event
Intellectual Property
Material Decision
Net Profit
Partnership
Partnership Assets
Partnership Interest
Partnership Property
Partners
Partnership Share
Profit and Loss
Related Party
Reserved Matters
Term
Territory
Working Capital
Clauses
Interpretation
Partnership Formation
Term and Duration
Capital Contributions
Profit and Loss Distribution
Management Rights
Decision Making
Banking Arrangements
Financial Records
Partner Duties
Confidentiality
Non-Competition
Intellectual Property
Partnership Property
Additional Partners
Withdrawal and Retirement
Termination
Death or Incapacity
Dispute Resolution
Force Majeure
Notices
Assignment
Amendment
Severability
Entire Agreement
Governing Law
Partnership Formation
Term and Duration
Capital Contributions
Profit and Loss Distribution
Management Rights
Decision Making
Banking Arrangements
Financial Records
Partner Duties
Confidentiality
Non-Competition
Intellectual Property
Partnership Property
Additional Partners
Withdrawal and Retirement
Termination
Death or Incapacity
Dispute Resolution
Force Majeure
Notices
Assignment
Amendment
Severability
Entire Agreement
Governing Law
Relevant Industries
Professional Services
Retail
Hospitality
Construction
Creative Industries
Consulting
Technology
Real Estate
Agriculture
Healthcare Services
Trade Services
Relevant Teams
Legal
Finance
Operations
Business Development
Administration
Compliance
Risk Management
Corporate Advisory
Business Strategy
Relevant Roles
Business Owner
Managing Partner
General Partner
Professional Practitioner
Entrepreneur
Small Business Manager
Legal Counsel
Business Advisor
Accountant
Financial Controller
Business Development Manager
Operations Manager
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