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Partnership Agreement Between Two Individuals
"I need a Partnership Agreement Between Two Individuals for starting a software development consultancy with my colleague, where I will contribute 60% of the initial capital and want to include specific provisions about intellectual property rights and client relationships."
1. Parties: Identification and details of the partners
2. Background: Context and purpose of the partnership
3. Definitions: Key terms used throughout the agreement
4. Partnership Business: Nature and scope of the partnership business
5. Capital Contributions: Initial and ongoing capital requirements
6. Profit and Loss Sharing: Distribution of profits and losses
7. Management and Decision Making: Day-to-day management and voting rights
8. Duration and Termination: Term of partnership and termination provisions
1. Intellectual Property Rights: IP ownership and usage rights when IP is relevant to the business
2. Non-Competition: Restrictions on competing activities when partners want to prevent competition
3. Insurance: Required insurance coverage when specific insurance requirements exist
4. Banking Arrangements: Details of partnership bank accounts when specific banking arrangements are needed
1. Schedule 1: Initial Capital Contributions: Detailed breakdown of partners' initial investments
2. Schedule 2: Business Plan: Initial business plan and projections
3. Schedule 3: Partnership Property: List of partnership assets and property
4. Schedule 4: Accounting Policies: Agreed accounting principles and procedures
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