This is an example of an Deed of Partnership...this type of partnership may be needed when a partnership is formed to prevent dispute between partners
Deed of Partnership
This deed of partnership is made on 19th of November 2003
Business: Lighting Carwash
Between:
Peter Jazwinski and Patrick Sharp and Jake Cho
The partners agree to the following terms and conditions:
Operative Clause
The partners agree that they become and remain partners on the terms and conditions on this deed and the Partnership act 1890 will apply unless stated by the deed
Capital Contribution
Mr. Jazwinski has agreed contribute $500 HKD worth of capital to start the 'Lightning Carwash', which is 50% of the total capital. Mr. sharp and Mr. Cho both agreed to contribute $250 HKD worth of capital to start the business, which is 25 % of the total capital each.
Duties of Partners
Mr. Cho has agreed to look after the day to day running of the store so he will get the most amount of work. Mr. Sharp has agreed to work on advertising the business so he will get a moderate amount of work. Mr. Jazwinski has agreed to be an accountant for the business. All partners must be faithful to each other in all issues relating to the business.
Procedures for Bringing in new Partners
If a person wanted to join the partnership then all members must agree to it first.
Procedures of Settling Disputes
If there is a dispute between the partners then Mr. Cho gets 40% of the voting rights. Mr. Jazwinski also gets 40% of the voting rights. Mr. Sharp will have 20% of the voting rights.
Partners wanting to Leave or Dying
If a partner wants to leave the business then he/she must give six months notice. If a partner dies or leaves his/her shares will be divided equally among the partners.
Profit Distribution
Mr. Jazwinski, Mr. Cho and Mr. Sharp have all agreed that Mr. Jazwinski will get 45% of the profit since he contributed the most capital. Mr. Cho will get 30% of the profit although he has contributed the same amount as Mr. Sharp he has more duties on the business and has also agreed to take on unlimited liability of the business. Mr. Sharp will get
This deed of partnership is made on 19th of November 2003
Business: Lighting Carwash
Between:
Peter Jazwinski and Patrick Sharp and Jake Cho
The partners agree to the following terms and conditions:
Operative Clause
The partners agree that they become and remain partners on the terms and conditions on this deed and the Partnership act 1890 will apply unless stated by the deed
Capital Contribution
Mr. Jazwinski has agreed contribute $500 HKD worth of capital to start the 'Lightning Carwash', which is 50% of the total capital. Mr. sharp and Mr. Cho both agreed to contribute $250 HKD worth of capital to start the business, which is 25 % of the total capital each.
Duties of Partners
Mr. Cho has agreed to look after the day to day running of the store so he will get the most amount of work. Mr. Sharp has agreed to work on advertising the business so he will get a moderate amount of work. Mr. Jazwinski has agreed to be an accountant for the business. All partners must be faithful to each other in all issues relating to the business.
Procedures for Bringing in new Partners
If a person wanted to join the partnership then all members must agree to it first.
Procedures of Settling Disputes
If there is a dispute between the partners then Mr. Cho gets 40% of the voting rights. Mr. Jazwinski also gets 40% of the voting rights. Mr. Sharp will have 20% of the voting rights.
Partners wanting to Leave or Dying
If a partner wants to leave the business then he/she must give six months notice. If a partner dies or leaves his/her shares will be divided equally among the partners.
Profit Distribution
Mr. Jazwinski, Mr. Cho and Mr. Sharp have all agreed that Mr. Jazwinski will get 45% of the profit since he contributed the most capital. Mr. Cho will get 30% of the profit although he has contributed the same amount as Mr. Sharp he has more duties on the business and has also agreed to take on unlimited liability of the business. Mr. Sharp will get