Simple contract. Special. This partnership agreement is for 3 partners in a new partnership. It contains different levels of initial investment and continuing obligations and benefits derived from that initial investment. It seeks to keep the relative proportions of profit/loss/contribution/drawing of each partner the same as a set percentage throughout the life of the partnership. This often happens where an initial contribution, or an invention or a special expertise etc. requires a particular partner to be recognised throughout the life of the partnership. It deals with possible retirement of a partner. It makes special provision for continuance in the event of the death of a partner and seeks to establish clear legal meaning in relation to any last will and testament. While not trying to replace the will, it contains comment to the executor of the will and trustee of the deceased partner's estate and is therefore signed and witnessed in a similar manner to the last will and testament.
L-3104Partne_0.docPartnership agreement is for 3 partners in a new partnership; different levels of initial investment and continuing obligations and benefits derived from that initial investment.
