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.