Highly effective simple partnership agreement with no bells and whistles that caters for all of the basic necessities including and in particular where one partner is capable of buying the other one out.
"The Partners MUTUALLY AGREE to become Partners in the business ("the Business") set out in the First Schedule ("the Partnership") upon the terms and other provisions, namely:-
1.1. The Partnership has commenced on the date set out in the First Schedule.
2.2 The Partnership will carry on the Business set out in the First Schedule under the business name and at the place or places set out in the First Schedule or under such other name or names or at such other place or places as the Partners will from time to time agree upon.
All Partners will be entitled to draw from the business by way of a salary, an amount as agreed between the Partners from time to time. In addition all Partners will be entitled to such other allowances and/or benefits as agreed between the Partners from time to time.
3. HOLIDAYS AND ABSENTEEISM
3.1. All Partners will be entitled to an equal period of holidays each year, such period to be determined annually by agreement and to be cumulative provided however that no Partner will be entitled to take more than six (6) weeks in any twelve (12) month period unless otherwise agreed.
3.2. In the event that a Partner is absent from the Partnership for any period in excess of six (6) weeks without just cause or in the absence of agreement with the remaining Partner/s, the absent Partner may not draw a salary which would have been attributable to him but for his absence, for the period of his absence. The amount which the absent Partner will be required to forego during the period of his absence will be allocated by the remaining Partner towards the temporary recruitment of a suitably qualified person to manage the absent Partner's role. All recruitment and other fees and expenses incurred as a result will be deemed to be a debit against absent Partner.
4.3 In the event that any Partner will be unable to attend to the Partnership due to sickness or ill health for a period of up to six months in any consecutive twelve month period that Partner will during such period afore remain entitled to receive payment of such amount by way of salary or drawings and such other allowances or benefits as are paid or received by the other Partners provided however that in the event that the Partnership maintains a policy of insurance reimbursing that Partner in whole or in part for any salary income or allowances during such period of illness the amount paid by the Partnership to that Partner will be reduced by the amount of such insurance premium payments."