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
The law relating to partnerships is very basic indeed. It doesn't reflect how modern day partnerships operate. A good agreement therefore should not only improve on the default provisions, but also 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. That is fine - the reason to use a partnership agreement with family and friends does not have to be for protection, but should be to contract out of the brutal default provisions of the Partnership Act.
When to use this document
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 Australian law.
What other customers thought
Average customer rating
By Gayna Kaminski 19 July 2016
We were very impressed with the comprehensive document you offered for a reasonable price. We just started a business and needed a partnership agreement for the bank before we could open any business accounts. We thought that we needed to go to the expense of engaging a solicitor. After some research on the internet we found your company and bought the family partnership agreement. The bank was happy and we were impressed,we would definitely recommend using Net Lawman.
By Clark Holloway 25 May 2016
This is an excellent clearly-worded agreement. It vastly exceeded my expectations for the cheap price and the explanatory notes were extremely helpful. Will definitely use Netlawman again whenever the need arises!
By Carmen Kwong 31 October 2015
I was looking for a simple partnership agreement because we are a simple small company. Not only do I not know any lawyers, but being able to trust someone at the beginning is not easy. While there are a lot of choices on the internet, finding the suitable one for us was a challenge. Review definitely helped, but also the company credentials. But what was most attractive to me was the simple plain English that I can understand and alter. Thank you.
By Rosemarie Jeffers-Palmer 04 July 2015
I expected this service to be complicated and expensive but after seeing the cost I was prepared to give it a try.
Our bank required such a document in order to open a business account. My husband and I had just formed a Family Partnership as part of taking over a small business.
The document was easy to use, great when alterations or additions had to be added and covered areas of possible concern that we were unaware of - loved the bit about stipulating the holiday period.
With this document I now feel confident if we need, at a later date, add another person to the partnership. The bank is also satisfied.
Very happy to recommend this business to others.
Thanks Net Lawman Australia
Rosemarie & Kevin.
Thanks for this easy and inexpensive service.
By Patricia Meister 30 January 2014
Very Professional and easy to follow document. I was able to fill in the document easily and present a document that was as good as any that I would have drawn up by my solicitor the price was 100% cheaper than having it done by my solicitor and provided for all the information we required as a small partnership concern. The service was prompt and efficient.The single feature of the document of most interest to me was the section naming the two partners, the date of inception of the partnership, the banking details and the perecentage breakdown of profit. We finally have a partnership agreement without too much messing about with lawyers. I would recommentd the service to anyone attempting to set up a partnership.
"Loved it mate, was in somewhat bitter dispute with ex partner, loads of expensive meetings nothing sorted. Got your form, edited it up sent it over -bang, signed, sealed and delivered in 10 mins. Excellent"Ken Warren, Director The Golden Bough
"Dedicated and professional .. the very best service I have ever experienced online."David Williams
"A very useful find for an SME looking for good legal documentation."iTMS Software Pty Ltd