A Limited Partnership Agreement is the fundamental document establishing and governing a limited partnership in England and Wales. It's primarily used for investment vehicles, particularly in private equity, venture capital, and real estate sectors. The agreement details capital contributions, profit sharing arrangements, management responsibilities, transfer restrictions, and termination provisions. It must comply with the Limited Partnerships Act 1907 and should be carefully structured to balance the interests of general partners (who manage the partnership) and limited partners (who typically act as passive investors).
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1. Parties: Identification of general and limited partners
2. Background: Context and purpose of the partnership
3. Definitions: Key terms used throughout the agreement
4. Partnership Business: Scope and nature of partnership activities
5. Capital Contributions: Initial and subsequent capital commitments
6. Management and Control: Powers and duties of general partner
7. Profit and Loss Allocation: Distribution waterfall and loss sharing
8. Transfer Restrictions: Rules regarding transfer of partnership interests
9. Duration and Termination: Term of partnership and dissolution procedures
1. Key Person Provisions: Required for partnerships dependent on specific individuals
2. Co-Investment Rights: Rules for additional investments by partners
3. Advisory Committee: Structure and powers of advisory committee for larger partnerships with institutional investors
1. Partner Details: List of partners and their commitments
2. Investment Policy: Detailed investment guidelines and restrictions
3. Valuation Policy: Methodology for valuing partnership assets
4. Form of Subscription Agreement: Template for admitting new partners
5. Management Fee Terms: Detailed fee calculation and payment terms
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