The Profit and Loss Partnership Agreement is a critical legal document used in Nigeria when two or more parties wish to establish a formal partnership structure for conducting business together. This document is essential for businesses operating under Nigerian law, particularly when partners need to clearly define their rights, responsibilities, and share of profits and losses. It incorporates provisions from the Nigerian Partnership Act, Companies and Allied Matters Act (CAMA) 2020, and relevant state partnership laws. The agreement is particularly valuable for new business ventures, professional practices, and existing businesses adding partners, as it provides clear guidelines for partnership management, profit distribution, dispute resolution, and eventual dissolution or exit procedures. This comprehensive document helps prevent future disagreements by establishing clear terms at the outset of the business relationship.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
1. Parties: Identification and details of all partners entering the agreement
2. Background: Context of the partnership formation and partners' intention to enter into the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Formation: Declaration of partnership formation, business name, and commencement date
5. Business Purpose: Detailed description of the partnership's business activities and objectives
6. Capital Contributions: Details of initial and ongoing capital contributions from each partner
7. Profit and Loss Sharing: Formula and mechanisms for distributing profits and losses among partners
8. Management and Decision Making: Partnership management structure and decision-making processes
9. Partners' Duties and Obligations: Rights, responsibilities, and obligations of all partners
10. Banking and Financial Records: Financial management procedures and record-keeping requirements
11. Admission of New Partners: Process and conditions for admitting new partners to the partnership
12. Transfer of Partnership Interest: Rules governing the transfer of partnership interests
13. Dissolution and Termination: Conditions and procedures for partnership dissolution
14. Dispute Resolution: Procedures for resolving disputes between partners
15. Governing Law: Specification of Nigerian law as governing law and jurisdiction
1. Intellectual Property Rights: Provisions for IP ownership and usage when the partnership involves intellectual property
2. Non-Competition: Restrictions on partners competing with the partnership business
3. Confidentiality: Protection of partnership's confidential information when dealing with sensitive business information
4. Insurance: Requirements for business insurance coverage
5. Partnership Property: Specific provisions for handling partnership-owned property
6. International Operations: Additional provisions for partnerships operating across borders
7. Religious or Cultural Considerations: Specific provisions addressing religious or cultural requirements in business operations
8. Force Majeure: Provisions for handling unforeseen circumstances affecting partnership operations
1. Schedule 1: Capital Contributions: Detailed breakdown of each partner's initial and committed capital contributions
2. Schedule 2: Profit Sharing Ratios: Detailed formula and calculations for profit and loss distribution
3. Schedule 3: Partner Information: Detailed information about each partner including contact details and representatives
4. Schedule 4: Business Plan: Initial business plan and operational strategy
5. Schedule 5: Partnership Assets: Inventory of partnership assets and their valuations
6. Appendix A: Banking Arrangements: Details of partnership bank accounts and authorized signatories
7. Appendix B: Accounting Policies: Specific accounting principles and policies to be followed
8. Appendix C: Management Procedures: Detailed operational and management procedures
Authors
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Retail and Trading
Manufacturing
Agriculture and Farming
Technology and IT
Real Estate
Construction
Healthcare
Education
Hospitality
Transportation and Logistics
Mining and Natural Resources
Financial Services
Entertainment and Media
Relevant Teams
Legal
Finance
Corporate Affairs
Compliance
Risk Management
Business Development
Operations
Strategy
Investment
Corporate Governance
Commercial
Relevant Roles
Business Owner
Managing Partner
Chief Executive Officer
Chief Financial Officer
Legal Counsel
Business Development Manager
Company Secretary
Finance Director
Operations Manager
Risk Manager
Compliance Officer
Partnership Manager
Investment Manager
Strategic Planning Director
Corporate Lawyer
Find the exact document you need
Deed Of Dissolution Of Partnership Firm
A formal legal document under Nigerian law that terminates a partnership arrangement and sets out terms for winding up the partnership's affairs.
find out more
Partnership Agreement Letter
A legally binding document under Nigerian law that establishes and governs business partnerships, outlining key terms and responsibilities between partners.
find out more
Term Sheet Partnership Agreement
A Nigerian law-governed preliminary agreement outlining key terms and conditions for a proposed partnership arrangement, serving as a basis for final documentation.
find out more
Private Limited Company Partnership Agreement
A Nigerian law-governed agreement establishing partnership terms and conditions for shareholders in a private limited company.
find out more
Partnership Agreement For Hotel Business
A Nigerian law-governed agreement establishing a partnership structure for hotel business operations, defining partners' rights, responsibilities, and operational framework.
find out more
Ending Partnership Agreement
A legal agreement for dissolving a business partnership under Nigerian law, detailing terms of separation and asset distribution.
find out more
Technology Partner Agreement
A Nigerian law-governed agreement establishing terms and conditions for technology partnerships, ensuring compliance with local technology and data protection regulations.
find out more
Precedent Partnership Agreement
A Nigerian law-governed agreement establishing the terms and conditions for business partnerships, including partner rights, obligations, and operational framework.
find out more
Reseller Partnership Agreement
A Nigerian law-governed agreement establishing terms and conditions between a supplier/manufacturer and reseller for product distribution and sales.
find out more
Contract For LLC Partnership
Nigerian law-compliant agreement establishing an LLC Partnership structure, defining partner rights and obligations under CAMA 2020.
find out more
Joint Venture Partnership Agreement
A Nigerian law-governed agreement establishing a joint venture partnership, defining business collaboration terms and partner obligations.
find out more
Reseller Agreement For Software Products
Nigerian-law governed agreement authorizing a reseller to distribute and sell specified software products within Nigeria, subject to defined terms and local regulations.
find out more
Deed Of Partnership Between Two Partners
A legally binding partnership agreement between two partners under Nigerian law, establishing the terms and conditions for their business relationship.
find out more
Business Alliance Agreement
A Nigerian law-governed agreement establishing a strategic business relationship between parties, defining their alliance terms, responsibilities, and mutual obligations.
find out more
Distributorship Contract
A Nigerian law-governed agreement establishing terms and conditions for product distribution relationships between suppliers and distributors in Nigerian territory.
find out more
Land Partnership Agreement
A Nigerian law-governed agreement establishing partnership arrangements for land ownership, development, or utilization, incorporating Land Use Act requirements and partnership provisions.
find out more
Joint Venture Proposal
A Nigerian law-governed proposal document outlining the framework and terms for establishing a joint venture between multiple parties, including structure, contributions, and operational arrangements.
find out more
Partnership Deed
A legal agreement under Nigerian law establishing and regulating a business partnership, detailing partners' rights, responsibilities, and operational framework.
find out more
Silent Partner Contract
A Nigerian law-governed agreement establishing terms between active business partners and a silent investor, detailing investment, profit sharing, and liability limitations.
find out more
Partnership Agreement For Restaurant Business
A Nigerian law-governed agreement establishing a partnership structure for restaurant business operations, defining partner rights, responsibilities, and operational framework.
find out more
Memorandum Of Understanding For Business Partnership
A preliminary partnership framework document under Nigerian law that outlines proposed terms and conditions for business collaboration between parties.
find out more
Limited Partnership Contract
A Nigerian law-governed agreement establishing a limited partnership structure, defining roles, responsibilities, and relationships between general and limited partners.
find out more
Venture Partner Agreement
A Nigerian law-governed agreement establishing the relationship and terms between a venture capital firm and a venture partner, including roles, responsibilities, and compensation arrangements.
find out more
Temporary Partnership Agreement
A Nigerian law-governed agreement establishing a temporary partnership between parties for a specific duration or project, outlining key terms and responsibilities.
find out more
Technical Partnership Agreement
A Nigerian law-governed agreement establishing technical collaboration between parties, ensuring compliance with NOTAP requirements and local content laws.
find out more
Strategic Alliance Partnership Agreement
A Nigerian law-governed agreement establishing a strategic partnership between independent entities, defining their collaboration terms and mutual obligations.
find out more
Startup Partnership Agreement
A Nigerian law-governed agreement establishing the terms and conditions of a startup partnership, including ownership, management, and operational provisions.
find out more
Software Partnership Agreement
A Nigerian law-governed agreement establishing partnership terms for software development and distribution, including IP rights, profit sharing, and operational responsibilities.
find out more
Shareholders Agreement Joint Venture
A Nigerian law-governed agreement establishing terms and conditions between joint venture shareholders, including governance, rights, and obligations under CAMA 2020.
find out more
Service Partner Agreement
A Nigerian law-governed agreement establishing terms and conditions between a company and its service partner for the provision of specific services.
find out more
Revenue Share Partnership Agreement
A Nigerian law-governed agreement establishing a partnership arrangement with revenue sharing terms between multiple parties.
find out more
Restaurant Profit Sharing Agreement
A Nigerian law-governed agreement establishing profit-sharing arrangements between parties in a restaurant business, including calculation methods and distribution terms.
find out more
Salaried Partner Agreement
A Nigerian law-governed agreement establishing terms and conditions for appointment of a salaried partner in a professional services firm.
find out more
Real Estate Limited Partnership Agreement
A Nigerian law-governed agreement establishing a limited partnership structure for real estate investment, defining partner relationships, capital contributions, and management rights.
find out more
Real Estate Joint Venture Agreement
A comprehensive agreement establishing a real estate joint venture in Nigeria, outlining parties' rights, obligations, and profit-sharing arrangements under Nigerian law.
find out more
Property Partnership Agreement
A Nigerian law-governed agreement establishing partnership arrangements for property ownership, development, or management, detailing partners' rights, responsibilities, and operational framework.
find out more
Profit Sharing Agreement In Business Partnership
A Nigerian law-governed agreement establishing profit sharing terms and conditions between business partners, including distribution mechanisms and partner obligations.
find out more
Profit And Loss Partnership Agreement
A Nigerian law-governed agreement establishing a partnership between parties, defining profit-sharing, management, and operational terms.
find out more
Product Partnership Agreement
A Nigerian law-governed agreement establishing terms and conditions for product-based partnerships between organizations, including commercial and operational frameworks.
find out more
Preferred Partner Agreement
A Nigerian law-governed agreement establishing a preferential business relationship between parties, defining terms of partnership and commercial arrangements.
find out more
ұԾ’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; ұԾ’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)