The By Lawyers Partnerships publication has been updated, as follows:
Partnership agreements amended in Partnerships guide
The Partnership agreement and Limited partnership agreement precedents have been amended in a number of respects, including:
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- The ‘Duration of partnership’ clause has been removed, as this is sufficiently covered in the ‘Expulsion, retirement or death of a partner’ and ‘Dissolution’ clauses;
- A new clause 4 (b) has been inserted, to allow for non-monetary capital contributions if these are agreed between the partners. A corresponding clause has been inserted as 8(d) in the Limited partnership agreement;
- The ‘Expulsion of a partner’ clause has been updated to become ‘Expulsion, retirement or death of a partner’ and now has improved function. Please review the clause for the changes made. The corresponding clause in the Limited partnership agreement is named ‘Termination of partner’;
- The ‘Winding up’ clause in the Partnership agreement has been renamed ‘Dissolution’ and amended to provide additionally for the situation where the partners agree to dissolve the partnership;
- The ‘Notices’ clause has been amended to remove facsimile delivery;
- Various other small amendments have been made to improve readability.
New letters added to Partnerships matter plan
Two new precedents letters have been added to the Partnerships matter plan:
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- Letter to client with draft partnership agreement – for originally sending the draft partnership agreement to the client;
- Letter to client with draft agreement – for sending later variations of the document to the client.
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These additions and amendments have been made as a result of user feedback and author review, to enhance the publication and assist solicitors in their daily practice when advising upon and preparing documents for clients entering into partnerships.
Practitioners who are regular users of these precedents may benefit from a careful review of each clause in the agreements, to ensure they are familiar with the amendments.