General Partnership agreement: long form

by Practical Law Corporate

A standard document for a partnership agreement intended to govern the relationship between partners in a general partnership under the law of England and Wales. This agreement provides a formal written framework that modifies and supplements the default provisions of the Partnership Act 1890, offering clarity on partners' rights and obligations. It addresses crucial aspects such as capital contributions, ownership of partnership property, profit and loss sharing, and financial management through capital and current accounts. The document also outlines partner duties and restrictions, procedures for meetings and decision-making, and the admission of new partners. It establishes detailed mechanisms for partner exits, whether through voluntary retirement, compulsory retirement, or expulsion, including provisions for valuing an outgoing partner's share, making payments, and applying restrictive covenants. This partnership agreement also incorporates considerations such as granting partners rights equivalent to employees for maternity, paternity, and parental leave.