The Informal Partnership Agreement serves as a foundational document for small-scale business collaborations in the Philippines. It is particularly suitable for entrepreneurs, professionals, or individuals looking to establish a business partnership without the complexities of a formal corporate structure. This document, while less formal than a corporation's articles of incorporation, still provides essential protection under Philippine law by clearly defining partner relationships, contributions, and operational parameters. The agreement typically includes provisions for profit sharing, management responsibilities, and dispute resolution, all aligned with the Civil Code of the Philippines' requirements for partnerships. It's especially valuable for start-ups, small businesses, and collaborative ventures where partners want to maintain flexibility while having clear written terms of their business relationship.
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1. Parties: Identification and contact details of all partners entering into the informal partnership
2. Background: Context of the partnership formation and partners' intentions
3. Definitions: Key terms used throughout the agreement
4. Partnership Business: Description of the business purpose and scope of activities
5. Capital Contributions: Initial and ongoing capital contributions from each partner
6. Profit and Loss Sharing: Agreement on how profits and losses will be distributed among partners
7. Management and Operation: Day-to-day management responsibilities and decision-making processes
8. Banking and Financial Matters: Banking arrangements and financial management procedures
9. Partnership Property: Treatment of assets owned or used by the partnership
10. Duration: Term of the partnership and renewal provisions
11. Termination: Circumstances and procedures for ending the partnership
12. Governing Law: Confirmation that the agreement is governed by Philippine law
1. Non-Competition: Restrictions on partners competing with the partnership business - include when partners have other business interests
2. Intellectual Property: Ownership and use of IP created during the partnership - include for creative or technical businesses
3. Insurance: Required insurance coverage - include for high-risk businesses or where significant assets are involved
4. Dispute Resolution: Process for resolving disagreements - include when partners want to specify mediation before legal action
5. Admission of New Partners: Process for adding new partners - include when growth is anticipated
6. Death or Incapacity: Procedures following death or incapacity of a partner - include for long-term partnerships
7. Confidentiality: Protection of partnership's confidential information - include when dealing with sensitive information
1. Schedule A - Initial Capital Contributions: Detailed list of each partner's initial capital contributions, including cash, assets, or services
2. Schedule B - Partner Contact Information: Complete contact details and addresses for service of notices
3. Schedule C - Business Plan: Initial business plan and objectives of the partnership
4. Schedule D - Asset Register: List of partnership assets and their agreed values
5. Appendix 1 - Operating Procedures: Detailed procedures for day-to-day operations and management
6. Appendix 2 - Banking Mandate: Banking arrangements and authorized signatories
Relevant legal definitions
Clauses
Relevant Industries
Retail
Food and Beverage
Professional Services
Creative Industries
Agriculture
Small Manufacturing
Local Trade
Tech Startups
Consulting
Artisanal Crafts
Real Estate
Online Commerce
Relevant Teams
Legal
Business Development
Operations
Compliance
Risk Management
Finance
Strategy
Corporate Affairs
Business Advisory
Commercial
Relevant Roles
Business Owner
Entrepreneur
Small Business Manager
Legal Counsel
Business Development Manager
Operations Manager
Partnership Manager
Compliance Officer
Risk Manager
Financial Controller
Professional Practitioner
Startup Founder
Business Consultant
General Manager
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