Collective Partnership Agreement
PARTNERSHIP AGREEMENT
THIS AGREEMENT is made on the date specified in the schedule to this deed (the schedule) between the parties described in the schedule as the partners (the partners).
1). FORMATION AND TERMS
The partners will carry on business in partnership on the terms set out in this agreement which partners will commence or is acknowledge to have commenced on the commencement date set out in the schedule and will continue until terminated in accordance with this agreement or otherwise.
2). BUSINESS STRUCTURE
The partners will conduct business as a collective and abide by the principles of a collective as specified in (the collective) in addition to the terms set out in this agreement.
3). NAME AND BUSINESS
The partnership business will be as specified in the schedule and such other business or businesses as may from time to time be mutually agreed upon and the partnership business will be conducted under the name and the address as specified in the schedule until partners resolve otherwise.
4). CAPITAL
The capital of the partnership will be contributed by the partners in the shares or proportions specified in the Schedule.
Subject to the provisions of this agreement the partners will be entitled to the capital and the property for the time being of the partnership and goodwill of the business in the same proportions as their contribution of capital.
5). INTEREST
Interest at the prevailing lowest overdraft rate offered by the partnership's banker will be paid to each partner on the capital for the time being standing to his credit of the gross profits of the business and such interest will be cumulative so that deficiency in any one year will be made up out of the gross profits of any succeeding year or years provided that no interest will be payable during any period during which the capital has been contributed by the partners equally.
6). LOANS
If any partner, at the request of the other partners, makes any loan to the
THIS AGREEMENT is made on the date specified in the schedule to this deed (the schedule) between the parties described in the schedule as the partners (the partners).
1). FORMATION AND TERMS
The partners will carry on business in partnership on the terms set out in this agreement which partners will commence or is acknowledge to have commenced on the commencement date set out in the schedule and will continue until terminated in accordance with this agreement or otherwise.
2). BUSINESS STRUCTURE
The partners will conduct business as a collective and abide by the principles of a collective as specified in (the collective) in addition to the terms set out in this agreement.
3). NAME AND BUSINESS
The partnership business will be as specified in the schedule and such other business or businesses as may from time to time be mutually agreed upon and the partnership business will be conducted under the name and the address as specified in the schedule until partners resolve otherwise.
4). CAPITAL
The capital of the partnership will be contributed by the partners in the shares or proportions specified in the Schedule.
Subject to the provisions of this agreement the partners will be entitled to the capital and the property for the time being of the partnership and goodwill of the business in the same proportions as their contribution of capital.
5). INTEREST
Interest at the prevailing lowest overdraft rate offered by the partnership's banker will be paid to each partner on the capital for the time being standing to his credit of the gross profits of the business and such interest will be cumulative so that deficiency in any one year will be made up out of the gross profits of any succeeding year or years provided that no interest will be payable during any period during which the capital has been contributed by the partners equally.
6). LOANS
If any partner, at the request of the other partners, makes any loan to the