Contents of a partnership agreement

Contents of a partnership agreement

July 23, 2019

A partnership deed is a legally enforceable document that guides the operation of the partnership business. It should contain the following details;

  • Name of the firm.
  • Names and addresses of the partners.
  • The nature of the business.
  • The term or duration of partnership.
  • The amount of capital to be contributed by each partner.
  • The extent of withdrawal on the firm’s account that can be made by each partner..
  • Rights of partners.
  • Duties of partners.
  • Remuneration to partners.
  • The ratio in which the profits or losses are to be shared among the partners.
  • The basis for the calculation of goodwill at the time of admission, retirement, and death of a partner.
  • The keeping of proper books of accounts and the preparation of Balance Sheet.
  • Settlement of account on the dissolution of the firm.
  • The procedures to be adopted in the case of disputes among the partners.
  • Arbitration clause.

Do you wish to know how to draft a partnership Deed/Agreement? Or you have any question or clarification regarding the registration of a  partnership deed/Agreement? Log on to our website – www.618bees.com or call us on 23412803791 to speak to any of our consultants to provide answers to such questions.

 

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

More Articles

Search

Connect With Us

Got any questions?

If you are having any questions, please feel free to ask.

Send us an email

Frequently Asked

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 
  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.
  • What is an execution clause in a contract?

    This is the section in which the parties sign the contract or agreement.
  • If I have NAFDAC Registration number, do I still need SON registration number?

    SON Product Registration scheme is mandatory for all SON’s regulated products as mandated by SON Act 56 of 1971, 20 of 1984, 18 of 1990 as amended.

    This is irrespective of the registration done by NAFDAC
  • Is it legal to transfer the personal data you obtained legally to another person?

    No, its not legal. This is because the law prohibits anyone from transferring the data of a third party to another person without consent from the third party to do same even if the data was rightfully obtained in the first instance.
  • Why should I protect an industrial design?
    1. It gives commercial value to the owner.
    2. It protects the owner of the design from imitation of the design..
    3. It constitutes an asset of the company and it helps in fair return on investment.
  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water
  • Who can be directors in my company?

    Any two adults can be directors in a company.
  • How long does a trademark registration in Nigeria Last?

    Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp