Business

Question 1

The Partnership Agreement

Answer 1

Name,
Place and nature of business,
Commencement and duration,
Work input (time spent at work, usually dedicate whole time),
Roles,
Decision-making (unanimous if changing nature, including new partner or changing partnership terms)
Shares in income and capital profits and losses (If not agreed, PA 1890 provides income profits are deemed to be shared equally - will also share loss equally)
Drawings and salaries
Ownership of assets
Expulsion (clause)
Dissolution (when partner retires, partner is bankrupt or dies, on expiry of a fixed term, partners gives notice of dissolution to partner who has grated a charge over their share of the partnership property for a debt owed)
The effects of dissolution
Goodwill
Distribution of proceeds of sale
Restraint of trade