We offer a Partnership agreement that is fully flexible and allows for partners to be individuals, companies, or trusts (or a combination).
A partnership is not an entity – it is merely a form of shared ownership of property and an agreement to share certain benefits and obligations. There are 2 types of partnership:
General law partnership: a relationship between parties carrying on a business with a view to a profit.
Tax law partnership: For income tax purposes, a partnership not only includes the general law definition of partnership, but also includes persons in receipt of ordinary or statutory income jointly (i.e., together).
A company agent/manager is sometimes used to act on behalf of the partnership (especially where it is a partnership of trusts). This is done predominantly for administrative ease.
The online application form to establish a new Partnership Agreement guides the user through the relevant question to allow the partners to decide:
- Rate of Interest for drawn funds;
- Notice required for the retirement of partners; and,
- Partners can hold their percentage share as Individuals, Trusts, Companies or SMSFs.
Within minutes you will have all required documents in PDF, ready for execution.
The Partnership Agreement documentation may include:
- Client Letter
- Explanatory Letter
- Agent Resolution/s
- Partner Resolution/s
- Partnership Agreement
- Partnership Guide
You will receive electronic with optional hard copies of the documents.