This partnership agreement is in accordance with the Partnership Act 1890 and provides a contractual framework under which the partners should conduct themselves at all times. The agreement includes provisions in relation to the key elements that define a partnership such as management, finances and partner regulation. In addition the agreement offers many optional clauses such as those in relation to health insurance, maternity and adoption leave etc. This document is suitable for small-to-medium sized partnerships. There are no formal rules that apply to partnership agreements other than the simple principles of contract law. In fact, there is no legal requirement to enter into a partnership agreement and it is not proof of the existence of a partnership on its own - a court will look to the substance of the alleged partnership (particularly the reality of the relationship between the partners) to determine whether a partnership exists, not just the form of the agreement or lack thereof. In spite of this, an overwhelming majority of professional partnerships enter into a formal written agreement to ensure clarity and the stability of the arrangment.
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