This is an arrangement where partners make every effort to create a firewall between their partnership activities/the activities of the business of the partnership and the partners themselves. Comprehensive and recommended. Sample "The Partners MUTUALLY AGREE to become partners in the Partnership identified in the Schedule ("the Partnership") and licence the entity named in the Schedule (?the Licensee?) to operate and utilise the System in the conduct of the business identified in the Schedule. 2 . COMMENCEMENT 2 . 1 The Partnership will be deemed to have commenced on the date set out in the Schedule. 2 . 2 The Partnership will manage its own business and licence the Licensee to utilise the System. 2 . 3 The business name ( ?a10? ) will be kept registered under the provisions of the Business Names Act 1962. 3 . SALARIES All Partners will be entitled to such salaries and other allowances and/or benefits as agreed between the Partners from time to time. 4 . BANKING 4. 1 All moneys, securities for money and bills of exchange (including cheques) received by the Partners or any of them for or on account of the Partnership will be paid immediately into or deposited in an account held with such bank as may be agreed upon from time to time ("the Bank") for the credit of the Partnership and all disbursements for or on account of the Partnership will be made by cheque drawn on the Partnership account with the Bank or if the Partners so agree, and to the extent of the amount which the Partners may agree, through the medium of a petty cash account of the Partnership. 4. 2 All cheques will be drawn in the name of the Partnership and will be signed or endorsed in the name of the Partnership in such manner as the Partners may agree upon from time to time."
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Partnership agreement (with protective structure)
