Partnership
agreements
A Partnership
Agreement is formal legal document that defines the Partnership and
the relationship between the Partners, and covers such matters as
(this list is not exhaustive):
- Description
of business, details of the partnership name
- Complete
definition of partnership's assets
- Details
of accountants, bank and premises
- Details
of each partner's duties and responsibilities to the other partners
- Restrictions
on/definitions of partners' authority
- Capital
and income distribution (inc. full time/part time share arrangements)
- Holiday,
maternity/paternity pay and leave, sick pay and other entitlements
for partners
- Retirement
of a partner
- Expulsion
of a partner
- Termination
of the partnership
- Decision
making processes and method of settling disputes
Every Partnership should have a Partnership Agreement (sometimes
referred to as a Partnership Deed) since without a valid and up to
date Partnership Agreement, the Partnership runs the risk of encountering
significant expense, inconvenience, and stress if the Partnership
relationship breaks down.
The Partnership
Agreement should be drawn up by the Practice's solicitor in consultation
with the Partners to ensure that the agreement exactly reflects the
Partners wishes. The Partnership Agreement should be reviewed regularly,
and in particular each time there is a change in the Partnership.
Further guidance on Partnership Agreements
BMA
guidance - go there (some of the information
may be available to BMA Members only).
- go there
Articles
on Partnership Agreements
Nurses
as Partners
Article
- "Partnership (dis)agreements" - this article is about
the issues Practice Managers may face when the Partnership is not
functioning well.
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