Are you willing to risk your hard work by having no Partnership Agreement?
60/40 Partnership Agreement Template
If you are starting out in business with a partner, it may be an exciting and adventurous time.
It is likely you both trust each other and possibly get on well. However, beware. Things could turn bad quickly and your existing partner/s may be not what you expected – and vice versa.
The best thing you can do at the beginning of a partnership is create and agree on a partnership agreement.
This won’t take too long to do and it potentially will save you a ton of headaches in the future. Most partners go into partnerships with good intentions, however they often don’t last and it can turn into something very difficult, quickly.
The last thing you want is litigation between you and your business partner, so it is highly recommended to start your partnership with a partnership agreement.
60/40 Allocation and Distribution
You and your partner must agree on how you will share the profits and losses of the company. A 60/40 split is common to allow the company to move forward should disagreements occur.
It really depends on the circumstances and something you need to be clear about at the beginning. Typically the partner with the less percentage share would take on less responsibilities of the company.
The profits and losses of the partnership shall be divided by the partners according to a mutually agreeable schedule – in this instance 60/40.
In the event of the dissolution of the Partnership the assets and liabilities will also be shared 60/40. There are items in the partnership agreement to itemize these share requirements.
3 Reasons a 60/40 Split is Good
1. One partner wants more responsibility
One partner may be more enthusiastic than the other and wish to put more effort into the company. Therefore they would likely want more return for their effort.
2. The other partner want to be low key
Depending on personality types, one partner may wish to be low key in the business. They may want to work behind the scenes and contribute accordingly. This really comes down to personalities, agreements and the circumstances of the agreement and business.
3. Resolve stalemates faster
There is nothing worse than having a stalemate in a business. This is where the business can grind to a halt due to partners disagreeing on issues, direction or a range of other things.
Having a partner that drives the business and retains more control will help to resolve stalemates faster. You would also want to get a mediator involved to help resolve any differences. Otherwise the partnership is likely to fold.
Review the Detail
Check out the following pages of this Partnership Agreement Template.
Table of Contents
The following page shows the Table of Contents and the detail included within the document.
The following page is the first page of the agreement.
The following page is the signing page of the agreement.
This is a descriptive document that outlines in detail what you and your partner can expect. This is a document that can form the basis of your partnership agreement and is something you should have reviewed by your solicitor or attorney.
Easy, Quick, Efficient…..Done
Our templates are easy to use and apply. Use MS Word to find and select the information that needs changing to customize it to your business needs.
To assist you in customizing the template quickly and easily, all items that need changing to suit your business are highlighted in red. You can simply use the Find and Select tool in MS Word (Ctrl+H) to identify all relevant items in one hit and replace instantly.
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