Free Partnership Agreement

Answer a few simple questions Print and download instantly It takes just 5 minutes

Create Your Free Partnership Agreement

  1. Answer a few simple questions
  2. Email, download or print instantly
  3. Just takes 5 minutes

Partnership Agreement

Create your Partnership Agreement

Create your Partnership Agreement

Australian Capital Territory

ACTBuilt for the Australian Capital Territory
Different states and territories have different rules and regulations. Your Partnership Agreement will be customised for the Australian Capital Territory.

Frequently Asked Questions
What is a Partnership Agreement?Your Partnership Agreement is an agreement between you and your Partner(s) that sets out the duties and obligations of the Partners to each other and to the Partnership.How do I file my Agreement?You do not need to file your Partnership Agreement. Your Partnership Agreement is simply an agreement between the Partners.How do I select the place of business?Select the state or territory in which the Partnership will primarily do business. The laws of the state or territory you select will be used to develop this Agreement.

Your Partnership Agreement

Partnership Agreement

What is a Partnership Agreement?

A Partnership Agreement, sometimes referred to as a business partnership contract or general partnership agreement, is a contract used to govern a business relationship between two or more individuals (or corporations) that are working together.

The partnership contract defines the agreed-upon terms and conditions of the business venture, usually with provisions concerning capital contributions, financial reporting, and the various responsibilities of each partner.

A partnership is not a separate legal entity (like a company), but it must have a tax file number (TFN) and submit a tax return. Each of the partners is taxed separately on their share of the profits.

A partnership is entitled to an Australian business number (ABN) if it is carrying on an enterprise in Australia (e.g. running a business for profit that comes within the definition of enterprise in the GST Act).

Why might I need a written Partnership Agreement?

Having a Partnership Agreement in writing, rather than making an oral agreement sealed by a handshake, can help prevent possible disputes that may arise by having clearly stated expectations, responsibilities, and rights of each partner in the contract.

Each of the Australian states and territories has its own Partnership Act, the provisions of which, unless differentiated or negated by a partnership contract, can land the partners in unexpected situations.

For example, unless otherwise stated in a Partnership Agreement, the following would typically apply under state or territorial legislation:

  • All partners would have equal authority to bind the partnership in a work contract with another individual or group
  • All partners are entitled to share equally in the profits of the business
  • No partner can be expelled from the partnership
  • The retirement of a partner leads to the automatic dissolution of the entire partnership

These provisions might not suit every modern partnership, so it is crucial to define the rules for your partnership with a written agreement. LawDepot's questionnaire addresses each of the above questions so you can customise your agreement to suit your specific partnership needs.

What is included in a Partnership Agreement?

LawDepot's Partnership Agreement includes:

  • Partnership details, including names of the partnership and partners, capital contributions of each partner, and a description of how profits and losses are shared among them
  • The rights and obligations of the partners, including voting rights, withdrawal notice, non-compete stipulations, and partnership dissolution details
  • Compensation and accounting details, including additional compensation for partners (if applicable) and annual report requirements
  • Management terms, including who will manage day-to-day affairs of the partnership (all partners or a managing partner), who will have contract signing authority for the partnership, as well as meeting and voting details
  • Signing details, including the date the agreement is to be signed and whether witness signatures will be required

You can also choose to include terms about specific circumstances which might require unanimous consent of the partners (rather than the sole consent of a managing partner) to protect the interests of all partners.

These situations include, but are not limited to:

  • Who can sign company cheques
  • Hiring and firing employees
  • Assuming new debts and expenses over a certain amount

Why should I make LawDepot's Partnership Agreement?

LawDepot's step-by-step questionnaire offers an easy to follow, user-friendly experience when creating a legal document.

LawDepot's Partnership Agreement is also customisable for the following Australian states and territories:

  • Australian Capital Territory (ACT)
  • New South Wales (NSW)
  • Northern Territory (NT)
  • Queensland (QLD)
  • South Australia (SA)
  • Tasmania (TAS)
  • Victoria (VIC)
  • Western Australia (WA)

Related Documents:

  • Assignment of Partnership Interest: a document that transfers a partnership interest from one partner to a different individual or entity
  • Business Plan: a template to help current or prospective business owners attract investment and loan approval by outlining the challenges, opportunities, marketing strategies, financial tactics, and management plans for their business
  • Confidentiality Agreement: contractually binds two parties from sharing any confidential information they learn from one another over the course of a business dealing
  • Notice of Withdrawal from Partnership: a document used by a partner who is withdrawing from a partnership (for voluntary or involuntary reasons)
  • Resignation Letter: a formal letter that provides an employer with legal notice that an employee is leaving the company

Frequently Asked Questions:

Partnership Agreement FAQ
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