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Informal Partnership Agreement
"I need an Informal Partnership Agreement for a small design studio I'm starting with two other graphic designers in London, with equal profit sharing and a clause specifying that we'll review the partnership terms in January 2025."
1. Parties: Details of all partners entering the agreement, including full names and addresses
2. Background: Context of the partnership formation and business purpose
3. Definitions: Key terms used throughout the agreement including relevant legislation such as Partnership Act 1890
4. Partnership Business: Description of the business activities and scope
5. Capital Contributions: Details of initial and ongoing capital contributions by partners
6. Profit and Loss Sharing: Agreement on how profits and losses will be distributed
7. Management and Decision Making: Process for business decisions and day-to-day management
8. Duration: Term of the partnership and renewal provisions
1. Banking Arrangements: Details of partnership bank accounts and signing authority
2. Intellectual Property: Ownership and use of IP within the partnership
3. Non-compete Provisions: Restrictions on partners' other business activities
4. Insurance: Required insurance coverage and minimum requirements
1. Schedule 1: Initial Capital Contributions: Detailed breakdown of each partner's initial contribution
2. Schedule 2: Business Plan: Initial business plan and projections
3. Schedule 3: Partner Responsibilities: Specific roles and duties of each partner
4. Schedule 4: Partnership Assets: List of assets owned by the partnership at formation
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