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’s the difference between a business name and an LLC?

    • A business name is a sole proprietorship, usually owned and managed by one individual only. Legally, the sole proprietor and his business are one. It simply means an individual trading with an alias. The sole proprietor is personally liable for all business related obligations.

    • A limited liability company on the other hand is a separate business entity from the individuals that hold its shares and act as directors. Legally, it’s a separate business entity and a person on its own who can transact business, own property separate from its owners and can sue or be sued. 
  • What are the terms of a contract?
    • an offer and an acceptance.
    • competent parties
    • Consideration
    • Legal subject matter
    • Mutual agreement/ Assent
    • Conesus ad idem
    • Obligation
  • What will happen if I buy the wrong category of forms with NAFDAC?

    Nothing, the purchased form will be in your account for future use.

     
  • 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.
  • what does copyright protect?
      1. Music, books, brochures and written materials.
      2. Photographs, drawings and illustrations.
      3. Films and videos.
      4. Logos and packaging.
      5. Computer programs and games.

     
  • Do I have to physically drop off my product sample at NAFDAC office?

    No, you can choose to have it sent to NAFDAC office
  • Can a minor be a company director?

    No, a minor cannot be a director. A minor under Nigerian Law is anyone who is below 18 years of age.
  • Will my trademark registration in Nigeria protect me worldwide?

    No, all intellectual property (IP) rights which includes trademarks are territorial, which means you are protected in the countries in which you register them.
All FAQs
Call Us Now on +234 901 719 0079 Chat on WhatsApp