Partnership agreement (medical practice)

Ideally suited for medical practices and other types of partnership where there is a sharing of income based on turnover of patients. Specifically geared for disparate working capacities of different entities. The higher earning capacity is based on the greater input into the business/partnership.

Sample

"A. The Old Partners named and described in Part 3 of the First Schedule have carried on in partnership for the period set out in Part 4 of the First Schedule pursuant to a Deed of Partnership dated which was supplemental to previous Deeds of Partnership dated ?a15? the business of operating a General Medical Practice and other activities ancillary or incidental.

B. The Old Partners carried on the Practice at the address set out in Part 6 of the First Schedule.

C. By this Agreement, the Old Partners agree to admit a new Partner into the Partnership.

D. The Partners have further agreed that their relationship will be governed by this Agreement.

3 . EQUITY SPLIT

3.1 Partnership Interest entitles the Partners to:-

3.1.1 A Participating Interest;

3.1.2 An equal share in the Assistants Net Fees;

3.2 The Partners must bear all Assistants Expenditure and share all Assistants Net Fees as tenants in common, in equal shares.

3.3.1. each Partner will be entitled to retain all of the Gross Fees of an Individual Medical Practice and must bear and pay only the following Expenditure of such Individual Medical Practice:-

3.3.1.1. the costs of a motor car as more fully set out in Clause 11.6 hereof;

3.3.1.2 individual registrations and subscriptions;

3.3.1 each Partner must ensure that any guarantees and securities that are given are several and not joint;

3.3.2 the obligations and liabilities imposed and the rights and benefits conferred on the Partners under and/or arising out of this Clause and/or the relationship constituted by this Clause will only extend to and include each of the respective Partners severally and not jointly or collectively;

3.3.3 save as is herein otherwise authorised, none of the Partners will have any authority or power for or on behalf of the others of the Partnership to enter into Contracts, to pledge any credit, to incur any liabilities, to assume any obligations or to make any warranties or representations whatsoever without the previous written consent of all of the others first had and obtained. "