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Partnership Agreement Between Two Parties

Partnership Agreement Between Two Parties Template for India

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Partnership Agreement Between Two Parties

"I need a Partnership Agreement Between Two Parties for a technology consulting business in Bangalore, with equal profit sharing and initial capital of INR 20 lakhs each, starting from March 1, 2025."

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Document background
The Partnership Agreement Between Two Parties is a crucial legal document used when two individuals or entities decide to enter into a business partnership in India. This agreement is essential for any business partnership formation and is governed by the Indian Partnership Act 1932, along with other relevant commercial laws. The document serves as the foundation of the partnership relationship, detailing everything from capital contributions and profit-sharing to management rights and exit procedures. It's particularly important in India's business environment where partnerships are a common business structure, especially for professional services, family businesses, and small to medium enterprises. The agreement helps prevent future disputes by clearly documenting the partners' understanding and provides a framework for resolving any disagreements that may arise. It should be customized to reflect specific business needs while ensuring compliance with Indian partnership and commercial laws.
Suggested Sections

1. Parties: Identification and details of the partners entering into the agreement

2. Background: Context of the partnership formation and brief description of the business purpose

3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation

4. Partnership Name and Business: Official name of the partnership and nature of business to be conducted

5. Commencement and Term: Start date of the partnership and duration (if fixed)

6. Capital Contribution: Details of initial and ongoing capital contributions by each partner

7. Profit and Loss Sharing: Ratio and mechanism for sharing profits and losses

8. Management and Decision Making: Partnership management structure and decision-making processes

9. Rights and Duties of Partners: Detailed responsibilities and rights of each partner

10. Banking and Financial Matters: Banking arrangements and financial management procedures

11. Books of Account and Audit: Requirements for maintaining accounts and conducting audits

12. Admission of New Partners: Process and conditions for admitting new partners

13. Retirement and Death: Procedures in case of partner retirement or death

14. Dissolution and Winding Up: Circumstances and procedures for partnership dissolution

15. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution

16. Notices: Method and addresses for serving notices between partners

Optional Sections

1. Non-Compete and Confidentiality: Restrictions on competitive activities and protection of confidential information, used when partners have access to sensitive business information

2. Intellectual Property Rights: Ownership and usage of IP created during partnership, important for knowledge-based or creative businesses

3. Insurance: Requirements for business insurance coverage, relevant for high-risk businesses

4. Good Faith and Fair Dealing: Additional provisions on partner conduct, useful in complex partnerships

5. Force Majeure: Provisions for unforeseen circumstances, important in volatile business environments

6. Assignment and Transfer Restrictions: Restrictions on transfer of partnership interests, useful for maintaining partner control

7. Alternative Dispute Resolution: Mediation or arbitration procedures, recommended for significant partnerships

Suggested Schedules

1. Schedule 1 - Capital Contributions: Detailed breakdown of each partner's initial and agreed future capital contributions

2. Schedule 2 - Profit Sharing Ratio: Detailed profit and loss sharing arrangements including any variations

3. Schedule 3 - Business Plan: Initial business plan and objectives of the partnership

4. Schedule 4 - Partner Details: Complete contact information and identification details of all partners

5. Schedule 5 - Assets Register: List of assets brought into or acquired by the partnership

6. Schedule 6 - Operational Procedures: Detailed procedures for day-to-day operations and management

7. Appendix A - Partnership Bank Account Details: Banking information and authorized signatories

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions































Clauses



































Relevant Industries

Professional Services

Retail

Manufacturing

Technology

Consulting

Real Estate

Food and Beverage

Healthcare

Education

Construction

Trading

Agriculture

Creative Industries

Financial Services

Relevant Teams

Legal

Finance

Compliance

Corporate Governance

Risk Management

Business Development

Operations

Strategic Planning

Administrative

Executive Leadership

Relevant Roles

Business Owner

Managing Partner

Chief Executive Officer

Chief Financial Officer

Legal Counsel

Company Secretary

Business Development Manager

Finance Director

Operations Manager

Partnership Manager

Compliance Officer

Risk Manager

Strategic Planning Director

General Counsel

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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