What sort of information should a partnership contract contain?

What sort of information should a partnership contract contain?

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I’m thinking of taking on a partner and am not sure what information should be included in the partnership contract. Please can you advise me?

You need to include the following:

  • The identity of the partners
  • The purpose and business of the partnership
  • The percentage interests which they respectively hold in the partnership (ie profit-sharing arrangements)
  • The contributions made and to be made by the partners to the partnership fund
  • The regulation of drawing of salaries/profits
  • The circumstances under which the partnership may be dissolved
  • All other rights, obligations and expectations between the partners.
Yaniv Kleitman
Yaniv Kleitman is a senior associate in Cliffe Dekker Hoymeyr’s Corporate and Commercial practice. He has experience in mergers and acquisitions, BEE transactions, mining law and debt and equity finance transactions. Kleitman began his career as a candidate attorney at Cliffe Dekker Hofmeyr and was appointed as an associate in January 2009. He was promoted to senior associate in January 2011. He was awarded an LLB cum laude from the University of Johannesburg.
  • Neville

    I’m looking to start a company (Pty) with a friend of mine around software development. We have an opportunity with a national company to write a solution for them. We are both still employed and starting this business part time. If we register a company can we both be directors and still be employed ?