Family partnership agreement

14 Reviews
Select support levelCompare
Recommended

Document overview

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.
Compliant
Compliant with the latest law in
  • ACT
  • NSW
  • NT
  • QLD
  • SA
  • TAS
  • VIC
  • WA
Document propertied
Document properties
  • Length:16 pages (4350 words)
  • Available in:
    MsWordMicrosoft Word DOCXApple pagesApple PagesRTFRTF
watertight guarantee
Backed by our watertight guarantee

If the document isn’t right for your circumstances for any reason, just tell us and we’ll refund you in full immediately.

writing in plain english
Written in plain English

We avoid legal terminology unless necessary. Plain English makes our documents easy to understand, easy to edit and more likely to be accepted.

Notes
Guidance notes included

You don’t need legal knowledge to use our documents. We explain what to edit and how in the guidance notes included at the end of the document.

email
Support from our legal team

Email us with questions about editing your document. Use our Lawyer Assist service if you’d like our legal team to check your document will do as you intend.

Update
Up to date with the latest law

Our documents comply with the latest relevant law. Our lawyers regularly review how new law affects each document in our library.

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

Main contents

  • Partnership shares
  • Partnership property
  • Setting up: money, shares, how long for
  • Drawings
  • Meetings and voting
  • Holidays, cars and other parts of the framework
  • Accounts and records
  • Restrictions to protect other partners
  • Expulsion
  • Comprehensive termination provisions to protect ongoing partners
  • Other partnership terms
  • Other legal paragraphs to protect your interests
Sample family partnership agreementFront cover
Click to View Sample

Recent reviews

Great Service
27 April 2020
Joanne Cummings
Review of the New Zealand version
Great Service
04 December 2017
Easy to follow, good notes, value for money.
Steven Tubby
Review of the New Zealand version
Great Service
25 November 2017
Simple to follow
Rob Adam
Review of the New Zealand version
Read all 14 reviews

Choose the level of support you need

Document Only

Complete the document template yourself using our guidance notes
A$29.00
  • ok This document
  • okDetailed guidance notes explaining how to edit each paragraph
Recommended

Lawyer Assist

Support from our legal team during and after editing
193 Reviews
A$304.00
  • ok This document
  • okDetailed guidance notes explaining how to edit each paragraph
  • okUnlimited email support - ask our legal team any question related to completing the document
  • ok
    Review of your edited document by our legal team including:
    • reporting on whether your changes comply with the law
    • answering your questions about how to word a new clause or achieve an outcome
    • checking that your use of defined terms is correct and consistent
    • correcting spelling mistakes
    • reformatting the document ready to sign
© 2000 - 2024 Net Lawman Limited.
All rights reserved