Partnerships And Profit Distributions
By Lawyers have amended the Partnership Agreement and the Limited Partnership Agreement precedents to include a new clause for the distribution of profits. Other amendments include:
- The ‘Duration of partnership’ clause has been removed, as this is sufficiently covered in the ‘Expulsion, retirement or death of a partner’ and ‘Dissolution’ clauses;
- A new clause 4(b) has been inserted, to allow for non-monetary capital contributions if these are agreed between the partners. A corresponding clause has been inserted as 7(c) in the Limited partnership agreement;
- Clause 4(g) has been inserted, allowing for distribution of partnerships at the end of each financial year. A corresponding clause has been inserted as 7(h) in the Limited partnership agreement;
- The ‘Expulsion of a partner’ clause has been updated to become ‘Expulsion, retirement or death of a partner’ and now has improved function. The corresponding clause in the Limited partnership agreement is named ‘Termination of partner’;
