This is an example of an Deed of Partnership...this type of partnership may be needed when a partnership is formed to prevent dispute between partners

Essay by manutd4evaHigh School, 10th gradeB+, December 2003

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Deed of Partnership

This deed of partnership is made on 19th of November 2003

Business: Lighting Carwash


Peter Jazwinski and Patrick Sharp and Jake Cho

The partners agree to the following terms and conditions:

Operative Clause

The partners agree that they become and remain partners on the terms and conditions on this deed and the Partnership act 1890 will apply unless stated by the deed

Capital Contribution

Mr. Jazwinski has agreed contribute $500 HKD worth of capital to start the 'Lightning Carwash', which is 50% of the total capital. Mr. sharp and Mr. Cho both agreed to contribute $250 HKD worth of capital to start the business, which is 25 % of the total capital each.

Duties of Partners

Mr. Cho has agreed to look after the day to day running of the store so he will get the most amount of work. Mr. Sharp has agreed to work on advertising the business so he will get a moderate amount of work.

Mr. Jazwinski has agreed to be an accountant for the business. All partners must be faithful to each other in all issues relating to the business.

Procedures for Bringing in new Partners

If a person wanted to join the partnership then all members must agree to it first.

Procedures of Settling Disputes

If there is a dispute between the partners then Mr. Cho gets 40% of the voting rights. Mr. Jazwinski also gets 40% of the voting rights. Mr. Sharp will have 20% of the voting rights.

Partners wanting to Leave or Dying

If a partner wants to leave the business then he/she must give six months notice. If a partner dies or leaves his/her shares will be divided equally among the partners.

Profit Distribution

Mr. Jazwinski, Mr. Cho and Mr. Sharp have all agreed that Mr.