The Partnership Agreement Between 3 Parties is a crucial legal document used when three individuals or entities decide to enter into a business partnership in New Zealand. This document is essential for establishing clear terms of cooperation, defining each partner's rights and responsibilities, and ensuring compliance with New Zealand partnership law. It becomes particularly relevant when parties wish to combine their resources, expertise, or market access for a common business purpose. The agreement typically covers capital contributions, profit-sharing, management structure, decision-making processes, and exit strategies. It should be tailored to comply with the Partnership Law Act 2019 and other relevant New Zealand legislation, while addressing the specific needs and circumstances of the three partners involved. This type of agreement is commonly used in various business ventures, from professional services to retail operations, and can accommodate both equal and unequal partnership arrangements.
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1. Parties: Identification and details of the three partners entering into the agreement
2. Background: Context of the partnership formation and the business purpose
3. Definitions: Key terms used throughout the agreement
4. Partnership Formation: Establishment of the partnership, commencement date, and business name
5. Partnership Business: Detailed description of the business activities and scope
6. Capital Contributions: Initial and ongoing capital contributions from each partner
7. Profit and Loss Sharing: Distribution of profits and allocation of losses among partners
8. Management and Decision Making: Partnership management structure and voting rights
9. Partners' Duties and Obligations: Responsibilities, commitments, and expectations of each partner
10. Financial Management: Banking, accounting, and financial reporting requirements
11. Addition and Retirement of Partners: Process for adding new partners or handling partner retirement
12. Partnership Property: Ownership and management of partnership assets
13. Term and Termination: Duration of partnership and conditions for termination
14. Dispute Resolution: Process for resolving disputes between partners
15. General Provisions: Miscellaneous legal provisions including governing law and notices
1. Non-Competition: Restrictions on partners engaging in competing businesses, used when partners have other business interests
2. Intellectual Property: IP ownership and usage rights, included when the partnership involves creation or use of intellectual property
3. Insurance: Required insurance coverage, included when specific insurance needs exist
4. Environmental Obligations: Environmental responsibilities, included for businesses with environmental impacts
5. Employee Management: Guidelines for hiring and managing employees, used when the partnership will have employees
6. International Operations: Provisions for international business activities, included if operating across borders
7. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in high-risk industries
1. Schedule 1: Capital Contributions: Detailed breakdown of each partner's initial and agreed future capital contributions
2. Schedule 2: Profit Sharing Ratios: Specific percentages and conditions for profit and loss distribution
3. Schedule 3: Partnership Assets: Inventory of assets contributed to or owned by the partnership
4. Schedule 4: Business Plan: Initial business plan and strategic objectives
5. Schedule 5: Management Structure: Detailed organizational structure and management procedures
6. Appendix A: Partner Contact Details: Complete contact information for all partners
7. Appendix B: Banking Arrangements: Details of partnership bank accounts and authorized signatories
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