Managing Partner Contract for the United States

Managing Partner Contract Template for United States

A Managing Partner Contract is a legally binding agreement used in the United States that establishes the terms and conditions of a managing partner's appointment, responsibilities, and compensation within a partnership structure. This document outlines the scope of authority, fiduciary duties, profit-sharing arrangements, and governance responsibilities while complying with both federal and state partnership laws. It serves as the primary document defining the relationship between the partnership and its managing partner.

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What is a Managing Partner Contract?

The Managing Partner Contract is essential when appointing or promoting a partner to a leadership position within a partnership structure. This document is particularly relevant in the United States where partnerships must comply with both federal and state regulations. The contract typically addresses crucial aspects such as decision-making authority, compensation structure, performance expectations, and termination provisions. It's designed to protect both the partnership's interests and the managing partner's rights while ensuring clear accountability and governance structures are in place.

What sections should be included in a Managing Partner Contract?

1. Parties: Identification of the partnership and managing partner

2. Background: Context of the appointment and partnership structure

3. Definitions: Key terms used throughout the agreement

4. Appointment and Term: Terms of appointment and duration

5. Duties and Responsibilities: Specific roles and obligations of the managing partner

6. Compensation: Payment terms, profit share, and benefits

7. Authority and Limitations: Scope of decision-making power

8. Termination Provisions: Conditions for ending the agreement

What sections are optional to include in a Managing Partner Contract?

1. Non-Compete Provisions: Restrictions on competitive activities when protecting business interests is crucial

2. Intellectual Property Rights: Ownership of IP developed during tenure, relevant when IP is significant to the business

3. Insurance Requirements: Required coverage and limits when specific insurance needs exist

What schedules should be included in a Managing Partner Contract?

1. Schedule A - Compensation Structure: Detailed breakdown of compensation components

2. Schedule B - Performance Metrics: Specific KPIs and performance expectations

3. Schedule C - Partnership Structure: Organizational chart and governance structure

4. Appendix 1 - Approved Expenses: List of pre-approved business expenses

5. Appendix 2 - Reporting Requirements: Required reports and their frequency

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Publisher

Genie AI

Cost

Free to use
Clauses
Industries

Internal Revenue Code: Federal tax regulations governing partnership taxation and tax implications for managing partners

Securities Exchange Act: Federal securities regulations that may apply to partnership structures and management

Federal Employment Laws: Including FLSA (Fair Labor Standards Act) and FMLA (Family Medical Leave Act) for managing partners with employee status

Federal Anti-discrimination Laws: Including Civil Rights Act, Americans with Disabilities Act (ADA), and Age Discrimination in Employment Act (ADEA)

State Partnership Laws: State-specific regulations governing partnership formation, operation, and dissolution

State Limited Partnership Acts: Specific state legislation governing limited partnerships and their management

State Limited Liability Partnership Provisions: State-specific rules for LLP structure and managing partner responsibilities

State Employment Laws: State-specific employment regulations that may affect managing partner relationships

State Securities Regulations: State-level securities laws and registration requirements affecting partnerships

Industry-specific Regulations: Regulatory requirements specific to the partnership's industry or business sector

Professional Licensing Requirements: Mandatory professional licenses and certifications for managing partners in specific industries

Fiduciary Duties: Common law principles governing managing partner's fiduciary responsibilities to the partnership and other partners

Uniform Partnership Act (UPA): Standard framework for partnership governance and managing partner duties

Revised Uniform Partnership Act (RUPA): Updated version of UPA with modern partnership governance provisions

State Contract Law: State-specific contract formation, enforcement, and interpretation principles

Statute of Frauds: Legal requirements for written contracts and enforcement of partnership agreements

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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