The Simple Partnership Agreement is a crucial document under Austrian law for establishing basic business partnerships without the complexity of more formal business structures. This agreement type is particularly relevant when two or more parties wish to collaborate in a business venture while maintaining a relatively straightforward legal framework. It's governed by the Austrian Civil Code (ABGB) and Commercial Code (UGB), providing essential provisions for partnership formation, operation, and dissolution. The document is commonly used for professional collaborations, joint ventures, or small business partnerships where partners want to formalize their relationship while maintaining flexibility. It includes key provisions for capital contributions, profit sharing, management rights, and partner obligations, while being simpler than full commercial partnership agreements.
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1. Parties: Identification and details of all partners entering the agreement
2. Background: Context and purpose for forming the partnership
3. Definitions: Key terms used throughout the agreement
4. Partnership Formation and Purpose: Declaration of partnership formation and its primary business objectives
5. Capital Contributions: Initial and any agreed future capital contributions from each partner
6. Profit and Loss Sharing: Distribution of profits and allocation of losses among partners
7. Management and Decision Making: Partnership governance structure and voting rights
8. Partners' Rights and Obligations: Core responsibilities and rights of each partner
9. Banking and Financial Records: Management of partnership finances and record-keeping requirements
10. Duration and Termination: Partnership term and conditions for dissolution
11. Governing Law: Confirmation of Austrian law application and jurisdiction
12. Signatures: Execution block for all partners
1. Non-Competition: Restrictions on partners' involvement in competing businesses, recommended when partners have other business interests
2. Intellectual Property: IP ownership and usage rights, necessary when the partnership will develop or use significant IP
3. Insurance: Required insurance coverage, relevant for partnerships with significant operational risks
4. Dispute Resolution: Mediation or arbitration procedures, recommended for partnerships with complex operations or high-value investments
5. Assignment and Transfer: Rules for transferring partnership interests, important for larger partnerships or when partners might want exit options
6. Data Protection: GDPR compliance measures, necessary when processing personal data
7. Force Majeure: Provisions for unforeseen circumstances, relevant for partnerships with significant operational dependencies
1. Schedule 1 - Initial Capital Contributions: Detailed breakdown of each partner's initial capital contributions, including valuations of non-cash contributions
2. Schedule 2 - Business Plan: Initial business plan and strategy of the partnership
3. Schedule 3 - Partner Contact Details: Complete contact information and addresses for service for all partners
4. Schedule 4 - Partnership Bank Account Details: Banking information and authorized signatories
5. Appendix A - Management Procedures: Detailed procedures for partnership management and decision-making processes
6. Appendix B - Accounting Principles: Specific accounting methods and principles to be used by the partnership
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Consulting
Creative Industries
Retail
Hospitality
Technology
Real Estate
Construction
Healthcare
Education
Agriculture
Manufacturing
Artisanal Crafts
Entertainment
Relevant Teams
Legal
Corporate Governance
Business Development
Compliance
Operations
Finance
Risk Management
Strategy
Corporate Affairs
General Counsel Office
Relevant Roles
Business Owner
Entrepreneur
Legal Counsel
Business Development Manager
Managing Partner
Company Secretary
Compliance Officer
Contract Manager
Small Business Advisor
Partnership Manager
Operations Director
General Counsel
Corporate Lawyer
Business Consultant
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