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Business Partnership Agreement Template for New Zealand

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Key Requirements PROMPT example:

Business Partnership Agreement

"I need a Business Partnership Agreement for a three-partner accounting firm in Auckland, with specific provisions for performance-based profit sharing and a structured buy-out process for retiring partners starting from March 2025."

Document background
The Business Partnership Agreement is a fundamental legal document used when two or more parties wish to establish a business partnership in New Zealand. It is essential for any partnership structure, whether small business ventures or large professional practices, and should be implemented before commencing partnership operations. The agreement complies with the New Zealand Partnership Law Act 2019 and other relevant legislation, covering crucial aspects such as capital contributions, profit-sharing arrangements, management responsibilities, decision-making processes, dispute resolution, and exit strategies. This document serves as the foundational framework for the partnership's operations and helps prevent future disagreements by clearly defining all partners' rights, responsibilities, and obligations.
Suggested Sections

1. Parties: Identifies and provides full details of all partners entering the agreement

2. Background: Outlines the context and purpose of forming the partnership

3. Definitions: Defines key terms used throughout the agreement

4. Partnership Formation: Establishes the creation of the partnership and its commencement date

5. Business of the Partnership: Defines the nature and scope of the partnership business

6. Capital Contributions: Details the initial and ongoing capital contributions of each partner

7. Profit and Loss Sharing: Specifies how profits and losses will be distributed among partners

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

9. Partners' Duties and Obligations: Details the responsibilities and obligations of each partner

10. Banking and Financial Records: Specifies banking arrangements and financial record-keeping requirements

11. Partner Meetings: Sets out requirements for partner meetings and voting procedures

12. Restrictions on Partners: Defines limitations on partners' activities, including non-compete provisions

13. Admission of New Partners: Procedures for admitting new partners to the partnership

14. Withdrawal and Retirement: Process for partner withdrawal or retirement from the partnership

15. Dissolution and Termination: Circumstances and procedures for partnership dissolution

16. Dispute Resolution: Procedures for resolving disputes between partners

17. General Provisions: Standard legal provisions including governing law, notices, and amendments

Optional Sections

1. Intellectual Property Rights: Addresses ownership and use of intellectual property - include when the partnership involves creation or use of intellectual property

2. Employment of Partners: Terms for partners working in the business - include when partners will be employed by the partnership

3. Insurance: Required insurance coverage - include when specific insurance requirements need to be maintained

4. Property Ownership: Details of partnership property ownership - include when the partnership owns significant assets

5. International Operations: Provisions for international business - include when operating across borders

6. Environmental Obligations: Environmental compliance requirements - include for businesses with environmental impacts

7. Succession Planning: Procedures for business succession - include when long-term continuation is planned

8. Technology and Data Protection: Technology use and data protection protocols - include for digital businesses

Suggested Schedules

1. Schedule 1: Partner Details: Detailed information about each partner including contact details and shareholding percentages

2. Schedule 2: Capital Contributions: Itemized list of initial capital contributions from each partner

3. Schedule 3: Business Plan: Initial business plan and strategic objectives

4. Schedule 4: Assets Register: List of partnership assets and their agreed values

5. Schedule 5: Accounting Policies: Detailed accounting procedures and policies

6. Schedule 6: Decision Making Matrix: Table of decision types and required approval levels

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

8. Appendix B: Compliance Requirements: List of regulatory and compliance obligations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions











































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Relevant Industries

Professional Services

Retail

Manufacturing

Agriculture

Technology

Construction

Healthcare

Real Estate

Hospitality

Consulting

Financial Services

Creative Industries

Education

Transport and Logistics

Mining and Resources

Relevant Teams

Legal

Finance

Operations

Compliance

Risk Management

Corporate Governance

Business Development

Administration

Executive Leadership

Commercial

Relevant Roles

Business Owner

Managing Partner

Chief Executive Officer

Chief Financial Officer

Legal Counsel

Company Secretary

Business Development Manager

Operations Manager

Commercial Director

Risk Manager

Compliance Officer

Partnership Administrator

Professional Partner

Managing Director

Finance Director

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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