The 60 40 Partnership Agreement is a crucial legal document used in India when two parties wish to enter into a partnership with an unequal profit-sharing arrangement. This document is particularly relevant when one partner contributes more capital, expertise, or time to the business and therefore warrants a larger share (60%) of the profits and losses. The agreement must comply with the Indian Partnership Act, 1932, and related state regulations, making it essential for businesses operating in any Indian jurisdiction. It typically includes comprehensive details about capital contributions, management responsibilities, profit-sharing mechanisms, dispute resolution procedures, and exit strategies. This type of agreement is commonly used in various business sectors, from traditional retail to modern technology ventures, and can be adapted to specific business requirements while maintaining its core 60-40 structure.
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1. Parties: Identification and details of all partners entering into the agreement
2. Background: Context of the partnership formation and brief description of the business purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Structure: Details of partnership type, profit-sharing ratio (60-40 split), and capital contributions
5. Business Scope: Description of the partnership's business activities and objectives
6. Capital Contribution: Specific details of initial and ongoing capital contributions by each partner
7. Profit and Loss Sharing: Detailed terms of the 60-40 profit and loss distribution arrangement
8. Management and Control: Partnership management structure and decision-making processes
9. Rights and Duties of Partners: Detailed responsibilities and rights of each partner
10. Banking and Finance: Banking arrangements and financial management procedures
11. Accounts and Audit: Requirements for maintaining accounts and conducting audits
12. Term and Termination: Duration of partnership and conditions for termination
13. Dispute Resolution: Procedures for resolving disputes between partners
14. Governing Law: Specification of Indian law as governing law and jurisdiction
1. Non-Compete and Confidentiality: Restrictions on competing businesses and handling of confidential information - important for partnerships with intellectual property or trade secrets
2. Death and Incapacity: Procedures in case of death or incapacity of a partner - relevant for long-term partnerships
3. Insurance: Requirements for business insurance - important for high-risk businesses
4. Intellectual Property Rights: Ownership and management of IP - relevant for technology or creative businesses
5. Employee Management: Procedures for hiring and managing employees - relevant for partnerships planning to have employees
6. Future Capital Requirements: Procedures for handling additional capital needs - important for growing businesses
7. Exit Strategy: Detailed procedures for partner exit or business sale - relevant for partnerships with potential future changes
1. Schedule A - Capital Contributions: Detailed breakdown of initial capital contributions from each partner
2. Schedule B - Profit Sharing Mechanism: Detailed calculation method for the 60-40 profit distribution
3. Schedule C - Business Plan: Initial business plan and projections
4. Schedule D - Partner Details: Detailed information about partners including contact details and nominee information
5. Schedule E - Assets and Liabilities: List of partnership assets and liabilities at formation
6. Appendix 1 - Operating Procedures: Detailed day-to-day operational procedures and policies
7. Appendix 2 - Signing Authorities: Documentation of partner signing authorities for various types of transactions
Relevant legal definitions
Clauses
Relevant Industries
Retail
Professional Services
Technology
Manufacturing
Real Estate
Consulting
Food and Beverage
Healthcare
Education
Construction
Agriculture
E-commerce
Relevant Teams
Legal
Finance
Corporate Affairs
Business Development
Operations
Compliance
Risk Management
Strategic Planning
Management
Relevant Roles
Business Owner
Entrepreneur
Managing Partner
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Company Secretary
Business Development Manager
Finance Director
Operations Manager
General Counsel
Partnership Manager
Business Consultant
Chartered Accountant
Corporate Lawyer
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