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Accounting Partnership Agreement
"I need an Accounting Partnership Agreement for a new three-partner firm starting March 2025, focusing on audit and tax services in Johannesburg, with specific provisions for future expansion and trainee development."
1. Parties: Identification and details of all founding partners
2. Background: Context of the partnership formation and partners' qualifications
3. Definitions and Interpretation: Key terms used throughout the agreement and interpretation rules
4. Formation of Partnership: Official establishment of the partnership, including commencement date and business purpose
5. Professional Requirements: Compliance with SAICA and IRBA requirements, professional standards and certifications
6. Capital Contributions: Initial and ongoing capital contributions of each partner
7. Profit and Loss Sharing: Distribution of profits and allocation of losses among partners
8. Management and Decision Making: Partnership governance structure and voting rights
9. Partners' Duties and Obligations: Responsibilities, commitments, and ethical obligations of partners
10. Client Engagement: Procedures for accepting and managing client relationships
11. Financial Management: Banking, accounting records, and financial reporting requirements
12. Professional Indemnity: Insurance requirements and liability provisions
13. Intellectual Property: Ownership and use of partnership IP, including firm name and client lists
14. Confidentiality: Protection of partnership and client confidential information
15. Partner Exit Provisions: Retirement, resignation, and expulsion procedures
16. Dissolution and Termination: Process for partnership dissolution and asset distribution
17. Dispute Resolution: Procedures for resolving partner disputes
18. General Provisions: Notices, amendments, governing law, and other standard clauses
1. Goodwill: Valuation and treatment of partnership goodwill - included when partners agree to recognize and value goodwill
2. International Practice: Provisions for international clients and cross-border services - included if partnership operates internationally
3. Branch Offices: Management and operation of multiple office locations - included for partnerships with multiple locations
4. Trainee Accountants: Provisions for hiring and managing trainee accountants - included if partnership runs a training program
5. Non-Competition: Restrictions on partners' competitive activities - included based on partners' agreement on competition restrictions
6. Succession Planning: Detailed provisions for long-term succession - included for larger or established partnerships
7. Alternative Dispute Resolution: Specific ADR procedures - included when partners prefer detailed dispute resolution mechanisms
1. Schedule 1: Partner Details: Detailed information about each partner, including qualifications and registration numbers
2. Schedule 2: Capital Contributions: Itemized list of initial capital contributions (cash, assets, or other) by each partner
3. Schedule 3: Profit Sharing Ratios: Detailed breakdown of profit sharing arrangements and calculations
4. Schedule 4: Management Structure: Organizational structure and management responsibilities
5. Schedule 5: Insurance Requirements: Professional indemnity and other insurance specifications
6. Schedule 6: Office Locations: Details of main office and any branch offices
7. Appendix A: Partnership Policies: Key operational policies including client acceptance, quality control, and risk management
8. Appendix B: Professional Standards: Relevant professional standards and compliance requirements
9. Appendix C: Partner Performance Metrics: Performance evaluation criteria and targets for partners
Authors
Accounting Services
Professional Services
Financial Services
Audit Services
Tax Advisory
Business Consulting
Corporate Services
Management Consulting
Finance
Audit
Tax Advisory
Risk Management
Compliance
Professional Standards
Client Services
Business Development
Quality Assurance
Operations
Administrative Support
Chartered Accountant
Managing Partner
Audit Partner
Tax Partner
Senior Partner
Junior Partner
Chief Financial Officer
Practice Manager
Compliance Officer
Risk Manager
Professional Standards Manager
Client Engagement Partner
Business Development Partner
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