Forming a partnership agreement is equally important because it reflects the way partners will perform their duties and tasks. Registering partnership means setting out the specific conditions that apply to the partnership. It will spell out the responsibilities of the parties involved and should as a minimum cover the following provisions.
* Amount of equity invested by each partner.
* Type of business.
* How profits and loss will be shared.
* Partners pay and compensation.
* Restrictions of authority and expenditures.
* Length of partnership.
* Dispute settlement clause.
* Settlement in case of death or incapacitation.
* Retirement and Death Arrangements.
* Terms for changes or dissolving the partnership.
* Distributing assets on dissolution
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