Partnership Agreement Between Trustees

Partnership Agreement Between Trustees

This Partnership Agreement between Trustees sets out the terms on which trustees carry on a partnership business. It records their duties, contributions, and restrictions, while protecting goodwill, capital, and client relationships.

What This Agreement Covers

• Interpretation and definitions including capital accounts, goodwill, and income
• Commencement, duration, and conduct of the partnership business
• Duties of trustees and principals to devote full time and skill
• Restrictions on borrowing, lending, and transactions without partner consent
• Capital contributions, loans to and from partners, and drawings
• Division of profits and losses, retirement value, and succession
• Leave entitlements, illness, and incapacity provisions for principals
• Admission, retirement, expulsion, and sale of partnership interests
• Rights of first refusal and majority sale provisions
• Goodwill and restraint of trade protections
• Dissolution procedures and winding up of partnership assets
• Arbitration of disputes and governing law

Why Use This Template?

• Provides a clear legal structure for partnerships conducted through trustees
• Ensures fair allocation of capital, profits, and duties
• Includes comprehensive rules for retirement, expulsion, and transfer of interests
• Protects goodwill, client relationships, and confidential information
• Easy to edit, customise, and implement

Suitable For

This precedent is ideal for trustees of family trusts or similar entities who wish to form a partnership business with clear rules on ownership, management, duties, retirement, and dispute resolution.