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

  • When are Annual Returns due for filing?

    A company’s first Annual Returns are due for filing after 18 months of its inception, subsequently it should be filed annually as the name implies. The filing dates could differ for each company depending on their financial year end but must be filed not later than 42 days after its Annual General Meeting.

    The Annual Returns for Business Names is due not later than the 30th of June each year except in the year the business was registered.
  • Do I need a Company Secretary?

    A limited liability company (LLC) must not have a company secretary.
  • What is a testimonium clause in an agreement?

    This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.
  • Is there a penalty for late renewal of registration of products with NAFDAC?

    Yes, there is a late renewal fee, which is dependent on the category of the product.
  • What is classified as personal data?

    Name, photograph, personal health/bio information, account/financial information, phone number, Address, date of birth, place of birth, Email address, etc.
  • Do I need permission to copy or use any copyright material in Nigeria?

    You do not require permission under the Nigeria Law to use or copy a copyright material when it is for research purpose, educational, non-commercial purpose, reviews and criticism etc

    However, when the copies are large, you must seek permission from the copyright owner.
  • Can I process/register multiple products at NAFDAC at the same time?

    Yes, you can process/register multiple products at the same time
  • Why do i need a Shareholders Agreement?

    You need a Shareholders Agreement to protect your investment in a company.  The shareholders Agreement establishes a fair relationship between all shareholders and sets out how the company is run.
  • Why do I need a trademark?

    You need to register your trademark because if you don’t register it, someone else can! It helps identify you as the source and indicates a consistent level of quality of your products and services. Securing a registered trademark protects your brand, and provides you with tools to prevent someone else from using similar signs and riding off the back of your business.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp