ITEMS TO BE INCLUDED IN A SIMPLE PARTNERSHIP AGREEMENT

1. Names and address of partners.

2. Name of partnership – This will determine whether or not the name should be registered.

3. Nature of business – This will determine the extent of liability of the firm.

4. Place of business – Where the business will be situated.

5. Date of commencement of business – The time or period when the business will commence.

6. Duration of the business – How long the business will last.

7. Contribution – The amount expected of each member to be contributed for partnership.

8. Management – How the partnership agreement will be managed.

9. Premium – The amount paid by a partner to be admitted into partnership.

10. Profit – The mode of sharing profit.

11. Salary – The mode of salary and what each partner will be entitled to.

12. Partnership properties – The mode of acquired properties.

13. Bankers – Bankers of the partnership.

14. Accounts – Who the signatory to the accounts will be.

15. Retirement – Where partnership is not for a fixed period, the retirement of any partner will dissolve the partnership. However, if it is for a fixed duration, no partner can retire except by the consent of other members.

16. Expulsion or Suspension – No majority of partners can expel or suspend a partner except otherwise stated.

17. Dissolution – A partnership is dissolved by death or bankruptcy of one partner except otherwise stated.

18. Arbitration/dispute resolution – Partners can go into arbitration to settle disputes.