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The Management Partnership Agreement serves as the foundational document for establishing and operating a management partnership structure in Australia. It is essential for businesses where multiple parties wish to share management responsibilities, profits, and risks in a formal partnership arrangement. The agreement comprehensively addresses key aspects such as partnership governance, management rights, financial arrangements, and operational procedures, while ensuring compliance with Australian partnership laws and regulations. This document is particularly crucial when transitioning from sole proprietorship to partnership, merging existing businesses, or establishing new professional service ventures. The Management Partnership Agreement should be tailored to specific business needs while maintaining compliance with relevant state and federal legislation, including the Partnership Act and related business regulations.

1. Parties: Identification and details of all partners entering into the management partnership

2. Background: Context of the partnership formation and purpose of the agreement

3. Definitions and Interpretation: Definitions of key terms and interpretation clauses

4. Partnership Structure: Nature of partnership, business purpose, and partnership name

5. Term and Commencement: Duration of the partnership and commencement date

6. Management Rights and Responsibilities: Detailed outline of management structure, decision-making processes, and authority levels

7. Capital Contributions: Initial and ongoing capital contributions requirements

8. Profit and Loss Sharing: Distribution of profits and allocation of losses among partners

9. Banking and Financial Management: Banking arrangements, financial controls, and accounting procedures

10. Partner Meetings and Voting: Meeting procedures, voting rights, and decision-making thresholds

11. Business Operations: Day-to-day management responsibilities and operational procedures

12. Intellectual Property: Ownership and use of partnership intellectual property

13. Confidentiality: Protection of partnership and client confidential information

14. Non-Competition and Non-Solicitation: Restrictions on competitive activities and client/employee solicitation

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

16. Exit Provisions: Partner retirement, resignation, and removal procedures

17. Dispute Resolution: Process for resolving disputes between partners

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

19. General Provisions: Standard boilerplate clauses including notices, amendments, governing law