Family partnership agreement
Ideal for family businesses or groups of friends working together, this partnership agreement provides a good framework for setting out how the business will be run. It is slightly less formal than our standard partnership agreement, but still includes the provisions small businesses need.
- Solicitor approved
- Plain English makes editing easy
- Guidance notes included
- Money back guarantee
About this family partnership agreement
This partnership agreement has been drawn for people working in business together who simply do not need the “bells and whistles” of the very full version we also offer - most likely because there is greater trust between partners.
However, we must make clear that this is not a basic or cut down version. This document has been professionally drawn to protect your interests and to provide a really useful commercial framework for your work together.
Why having a written partnership agreement is important
There is no comprehensive Partnership Act in South Africa. The law of partnership in South Africa consists of South African common-law. Without an agreement, you leave your interest in your business at great risk to being devalued by the actions of your partner. A good agreement must include paragraphs that set out in greater detail how your business will work.Many families or groups of friends enter into business with each other without a formal agreement because they feel that there is no need to formalise the relationship when there is a high level of trust between the partners.
This agreement is ideal for groups of friends working together or for a family business where there is already a high level of trust and co-operation between the business partners.
This agreement could be used in any of the following situations:
- when two or more friends start a new business together
- when a new person takes a share in an existing business operated by one person
- when existing family partners want to formalise their partnership agreement
- when existing partners want to change the balance of control and ownership of the business
- Partnership shares
- Partnership property
- Setting up: money, shares, how long for
- Meetings and voting
- Holidays, cars and other parts of the framework
- Accounts and records
- Restrictions to protect other partners
- Comprehensive termination provisions to protect ongoing partners
- Other partnership terms
- Other legal paragraphs to protect your interests
This document was written by a solicitor for Net Lawman. It complies with current South Africa law.
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