A partnership is the agreement between two or more people to carry on a common enterprise as two individuals. A partnership agreement will set out the various contributions, powers, rights and obligations of each party. Generally speaking, all partners in a partnership are jointly and severally liable for the debt of the partnership and as a result caution must be exercised before entering into such arrangement.
The Partnership Act 1895 (WA) governs partnerships in Western Australia. However, the provisions of the legislation are very basic and it is therefore necessary to enter into Partnership Agreements in order to ensure that the rules governing the partnership are properly set out.
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Note: This simple form will assist you and your accountant to establish a basic partnership agreement to cover the fundamentals of being in partnership. We strongly recommend that you obtain specific accounting and legal advice before proceeding with this Product. In our experience, partnership agreements are by now an outdated business structure lacking in asset protection ability. However, partnership agreements can still be useful for very small start-ups and micro-businesses. The above does not constitute legal advice; it is generic information only.
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