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Accounting Partnership Agreement
"I need an Accounting Partnership Agreement for a new three-partner firm based in London, where two partners will contribute equal capital and the third partner will join with a reduced capital contribution but equivalent profit share after 2 years; the agreement should start from March 2025."
1. Parties: Identification and details of all partners entering the agreement
2. Background: Context of the partnership formation and its objectives
3. Definitions: Key terms used throughout the agreement
4. Partnership Structure: Legal form, name, and place of business
5. Capital Contributions: Initial and ongoing capital requirements
6. Profit and Loss Sharing: Distribution of profits and allocation of losses
7. Management and Decision Making: Governance structure and voting rights
8. Partner Duties and Obligations: Responsibilities and commitments of partners
9. Professional Standards: Compliance with accounting regulations and ethical requirements
1. Restrictive Covenants: Non-compete and confidentiality provisions for protecting business interests post-departure
2. International Practice: Rules and procedures for international operations when partnership operates across multiple jurisdictions
3. Retirement Provisions: Partner retirement process, benefits and arrangements
1. Schedule 1: Initial Capital Contributions: Detailed breakdown of each partner's initial capital contribution
2. Schedule 2: Profit Sharing Ratios: Specific percentages or formulas for profit distribution
3. Schedule 3: Partner Details: Personal and professional information of all partners
4. Appendix A: Professional Indemnity Insurance: Insurance requirements and coverage details
5. Appendix B: Office Procedures: Standard operating procedures and administrative protocols
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