{"id":228894,"date":"2025-04-01T17:07:09","date_gmt":"2025-04-01T04:07:09","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=228894"},"modified":"2025-05-21T18:08:41","modified_gmt":"2025-05-21T05:08:41","slug":"drafting-partnership-agreement","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/","title":{"rendered":"Drafting a Partnership Agreement"},"content":{"rendered":"\n<p>A <a href=\"https:\/\/legalvision.co.nz\/business-structures\/operating-partnership-business-in-new-zealand\/\">partnership<\/a> is a common business structure in New Zealand, often chosen for its simplicity and flexibility. It involves two or more individuals (or entities) who agree to carry on business with the intention of sharing profits and losses. While partnerships can operate without a formal agreement, creating a partnership agreement is highly advisable. This document will clarify each partner&#8217;s roles, responsibilities and expectations to help you avoid disputes in the future.&nbsp;In this article, we explain the key information to cover in your partnership agreement to create a solid foundation for your business. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Legal Framework for Partnerships<\/h2>\n\n\n\n<p>Partnerships are primarily governed by the <em>Partnerships Law Act 2019<\/em>. This legislation sets out the default rules that apply when no formal partnership agreement exists. However, it is essential to note that these provisions are relatively general and cannot be customised and, therefore, may not be suitable for every partnership.&nbsp;<\/p>\n\n\n\n<p>A partnership agreement, on the other hand, is a legal contract that allows partners to modify these default rules, specifying how:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>their partnership will function;<\/li>\n\n\n\n<li>decisions will be made;&nbsp;<\/li>\n\n\n\n<li>profits, losses and liabilities will be shared;&nbsp;<\/li>\n\n\n\n<li>disputes will be resolved;&nbsp;<\/li>\n\n\n\n<li>the partnership will be dissolved; and&nbsp;<\/li>\n\n\n\n<li>new partners can be added.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Key Elements of a Partnership Agreement<\/h2>\n\n\n\n<p>When drafting a partnership agreement, it is essential to address several elements to ensure the document is comprehensive and legally sound, as outlined below.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The Partnership\u2019s Purpose and Structure<\/h3>\n\n\n\n<p>The agreement should clearly define the nature of the business and its objectives. It should outline the:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>type of work the partnership will engage in;<\/li>\n\n\n\n<li>geographic scope of operations; and&nbsp;<\/li>\n\n\n\n<li>industries or markets it will serve.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>This section ensures that all partners are aligned on the vision of the business and their roles within it.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <p>It is also important to define the <a href=\"https:\/\/legalvision.co.nz\/business-structures\/choose-partnership-structure\/\">structure of the partnership<\/a>. For example, the agreement can specify whether it is a:<\/p>\n<!-- \/wp:paragraph --> <!-- wp:list -->\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\"><!-- wp:list-item --><\/p>\n<li><strong>General Partnership:<\/strong> where all partners share liability and responsibility; or<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<!-- \/wp:list-item --> <!-- wp:list-item -->\n<ul class=\"wp-block-list\">\n<li style=\"list-style-type: none;\">\n<ul class=\"wp-block-list\">\n<li><strong>Limited Partnership:<\/strong> where some partners have limited liability and others have general liability.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><!-- \/wp:list-item --><\/p>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Capital Contributions and Profit Sharing<\/h3>\n\n\n\n<p>A major part of a partnership agreement is determining how the partners will contribute to the business, both financially and in terms of time and resources. This section should state the amount of capital each partner is contributing, whether in cash, property or other forms of assets. It should also cover how additional capital will be raised in the future, should the need arise.<\/p>\n\n\n\n<p>Equally important is the division of profits and losses. If no specific agreement is made, profits and losses are assumed to be divided equally. However, partnerships often have differing arrangements based on each partner\u2019s input or expertise. The agreement should clearly state:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the formula used for distributing profits;<\/li>\n\n\n\n<li>&nbsp;how losses will be handled; and&nbsp;<\/li>\n\n\n\n<li>how this might change in the event of significant changes to the business structure.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Roles and Responsibilities of Each Partner<\/h3>\n\n\n\n<p>Defining each partner&#8217;s roles, duties and obligations is a crucial aspect of any partnership agreement. This section should specify each partner&#8217;s day-to-day responsibilities, such as management duties, financial oversight or marketing.&nbsp;<\/p>\n\n\n\n<p>It may also set out which partners have the authority to make decisions, sign contracts and represent the partnership legally.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Dispute Resolution Mechanisms<\/h3>\n\n\n\n<p>No matter how carefully a partnership is structured, disputes are inevitable. Whether disagreements arise over business decisions, profit sharing or other issues, it is essential to have a pre-established dispute resolution process in place. The agreement should outline how disputes will be handled, such as through mediation or <a href=\"https:\/\/legalvision.co.nz\/disputes-and-litigation\/arbitration-new-zealand\/\">arbitration<\/a>, before escalating to legal action.&nbsp;<\/p>\n\n\n\n<p>The dispute resolution clause should also address how decisions will be made when partners cannot agree on essential issues and how ties will be broken if necessary.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Exit Strategy and Partnership Dissolution<\/h3>\n\n\n\n<p>It is essential to have a clear exit strategy in place, as there may come a time when a partner wishes to leave the business or the partnership itself needs to be dissolved. The agreement should set out the conditions under which a partner can exit and how their share of the business will be valued and transferred.&nbsp;<\/p>\n\n\n\n<div  class=\"box box--icon box--info\">\n    <!-- wp:paragraph -->\n<p>Additionally, it should specify the steps to be taken if the partnership is to be dissolved, including:<\/p>\n<!-- \/wp:paragraph --> <!-- wp:list -->\n<ul class=\"wp-block-list\"><!-- wp:list-item --><\/p>\n<li>how assets and liabilities will be divided; and<\/li>\n<!-- \/wp:list-item --> <!-- wp:list-item -->\n<li>what the procedures will be for notifying customers, clients and suppliers.<\/li>\n<p><!-- \/wp:list-item --><\/ul>\n<p><!-- \/wp:list --><\/p>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">New Partners and Succession Planning<\/h3>\n\n\n\n<p>The partnership agreement should also include provisions for admitting new partners. It should specify:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the process for introducing new partners;&nbsp;<\/li>\n\n\n\n<li>how their capital contributions will be assessed; and&nbsp;<\/li>\n\n\n\n<li>how ownership shares will be diluted or adjusted.<\/li>\n<\/ul>\n\n\n\n<p>Additionally, a good partnership agreement should include a succession plan in case one of the partners passes away or becomes permanently incapacitated. This ensures continuity in the partnership and minimises disruption to the business.<\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    <script>\nvar gform;gform||(document.addEventListener(\"gform_main_scripts_loaded\",function(){gform.scriptsLoaded=!0}),document.addEventListener(\"gform\/theme\/scripts_loaded\",function(){gform.themeScriptsLoaded=!0}),window.addEventListener(\"DOMContentLoaded\",function(){gform.domLoaded=!0}),gform={domLoaded:!1,scriptsLoaded:!1,themeScriptsLoaded:!1,isFormEditor:()=>\"function\"==typeof InitializeEditor,callIfLoaded:function(o){return!(!gform.domLoaded||!gform.scriptsLoaded||!gform.themeScriptsLoaded&&!gform.isFormEditor()||(gform.isFormEditor()&&console.warn(\"The use of gform.initializeOnLoaded() is deprecated in the form editor context and will be removed in Gravity Forms 3.1.\"),o(),0))},initializeOnLoaded:function(o){gform.callIfLoaded(o)||(document.addEventListener(\"gform_main_scripts_loaded\",()=>{gform.scriptsLoaded=!0,gform.callIfLoaded(o)}),document.addEventListener(\"gform\/theme\/scripts_loaded\",()=>{gform.themeScriptsLoaded=!0,gform.callIfLoaded(o)}),window.addEventListener(\"DOMContentLoaded\",()=>{gform.domLoaded=!0,gform.callIfLoaded(o)}))},hooks:{action:{},filter:{}},addAction:function(o,r,e,t){gform.addHook(\"action\",o,r,e,t)},addFilter:function(o,r,e,t){gform.addHook(\"filter\",o,r,e,t)},doAction:function(o){gform.doHook(\"action\",o,arguments)},applyFilters:function(o){return gform.doHook(\"filter\",o,arguments)},removeAction:function(o,r){gform.removeHook(\"action\",o,r)},removeFilter:function(o,r,e){gform.removeHook(\"filter\",o,r,e)},addHook:function(o,r,e,t,n){null==gform.hooks[o][r]&&(gform.hooks[o][r]=[]);var d=gform.hooks[o][r];null==n&&(n=r+\"_\"+d.length),gform.hooks[o][r].push({tag:n,callable:e,priority:t=null==t?10:t})},doHook:function(r,o,e){var t;if(e=Array.prototype.slice.call(e,1),null!=gform.hooks[r][o]&&((o=gform.hooks[r][o]).sort(function(o,r){return o.priority-r.priority}),o.forEach(function(o){\"function\"!=typeof(t=o.callable)&&(t=window[t]),\"action\"==r?t.apply(null,e):e[0]=t.apply(null,e)})),\"filter\"==r)return e[0]},removeHook:function(o,r,t,n){var e;null!=gform.hooks[o][r]&&(e=(e=gform.hooks[o][r]).filter(function(o,r,e){return!!(null!=n&&n!=o.tag||null!=t&&t!=o.priority)}),gform.hooks[o][r]=e)}});\n<\/script>\n\n                <div class='gf_browser_gecko gform_wrapper gravity-theme gform-theme--no-framework lawyer-form_wrapper gplaceholder_wrapper form-with-labels-no-asterisks_wrapper has-new-validation-error-styling_wrapper' data-form-theme='gravity-theme' data-form-index='0' id='gform_wrapper_2452' style='display:none'><div id='gf_2452' class='gform_anchor' tabindex='-1'><\/div><form method='post' enctype='multipart\/form-data' target='gform_ajax_frame_2452' id='gform_2452' class='lawyer-form gplaceholder form-with-labels-no-asterisks has-new-validation-error-styling' action='\/api\/wp\/v2\/posts\/228894#gf_2452' data-formid='2452' novalidate>\n                        <div class='gform-body gform_body'><div id='gform_fields_2452' class='gform_fields top_label form_sublabel_below description_below validation_below'><div id=\"field_2452_15\" class=\"gfield gfield--type-honeypot gform_validation_container field_sublabel_below gfield--has-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_2452_15'>URL<\/label><div class='ginput_container'><input name='input_15' id='input_2452_15' type='text' value='' autocomplete='new-password'\/><\/div><div class='gfield_description' id='gfield_description_2452_15'>This field is for validation purposes and should be left unchanged.<\/div><\/div><div id=\"field_2452_1\" class=\"gfield gfield--type-text gfield--input-type-text gf_left_half gfield--width-half gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_2452_1'>First Name<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_text'><input name='input_1' id='input_2452_1' type='text' value='' class='medium'     aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_2452_12\" class=\"gfield gfield--type-text gfield--input-type-text gf_right_half gfield--width-half gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_2452_12'>Last Name<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_text'><input name='input_12' id='input_2452_12' type='text' value='' class='medium'     aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_2452_2\" class=\"gfield gfield--type-email gfield--input-type-email gf_left_half gfield--width-half gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_2452_2'>Email Address<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_email'>\n                            <input name='input_2' id='input_2452_2' type='email' value='' class='medium'    aria-required=\"true\" aria-invalid=\"false\"  \/>\n                        <\/div><\/div><div id=\"field_2452_3\" class=\"gfield gfield--type-phone gfield--input-type-phone gf_right_half gfield--width-half gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_2452_3'>Phone<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_phone'><input name='input_3' id='input_2452_3' type='tel' value='' class='medium'   aria-required=\"true\" aria-invalid=\"false\"   \/><\/div><\/div><div id=\"field_2452_14\" class=\"gfield gfield--type-select gfield--input-type-select gfield--width-full custom-select gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_2452_14'>Number of Employees in Your Business<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_select'><select name='input_14' id='input_2452_14' class='large gfield_select'    aria-required=\"true\" aria-invalid=\"false\" ><option value='' ><\/option><option value='0' >0<\/option><option value='1' >1-5<\/option><option value='6' >6-20<\/option><option value='21' >21-50<\/option><option value='51' >51-250<\/option><option value='250' >250+<\/option><\/select><\/div><\/div><div id=\"field_2452_4\" class=\"gfield gfield--type-textarea gfield--input-type-textarea gfield_contains_required field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><label class='gfield_label gform-field-label' for='input_2452_4'>Tell us about your enquiry<span class=\"gfield_required\"><span class=\"gfield_required gfield_required_text\">(Required)<\/span><\/span><\/label><div class='ginput_container ginput_container_textarea'><textarea name='input_4' id='input_2452_4' class='textarea medium'     aria-required=\"true\" aria-invalid=\"false\"   rows='10' cols='50'><\/textarea><\/div><\/div><div id=\"field_2452_5\" class=\"gfield gfield--type-html gfield--input-type-html gfield_html gfield_html_formatted gfield_no_follows_desc field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  >By submitting this form, you agree to receive emails from LegalVision and can unsubscribe at any time. View our <a href=\"https:\/\/legalvision.co.nz\/privacy-policy\/\" target=\"_blank\">Privacy Policy<\/a>. <\/div><div id=\"field_2452_8\" class=\"gfield gfield--type-hidden gfield--input-type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_8' id='input_2452_8' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='http:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/228894' \/><\/div><\/div><div id=\"field_2452_13\" class=\"gfield gfield--type-hidden gfield--input-type-hidden gform_hidden field_sublabel_below gfield--no-description field_description_below field_validation_below gfield_visibility_visible\"  ><div class='ginput_container ginput_container_text'><input name='input_13' id='input_2452_13' type='hidden' class='gform_hidden'  aria-invalid=\"false\" value='generic_form' \/><\/div><\/div><\/div><\/div>\n        <div class='gform-footer gform_footer top_label'> <button type=\"submit\" id=\"gform_submit_button_2452\" class=\"gform_button button\" onclick=\"gform.submission.handleButtonClick(this);\" data-submission-type=\"submit\"><span class=\"gform_submit_button__text\">Submit Now<\/span><\/button> <input type='hidden' name='gform_ajax' value='form_id=2452&amp;title=&amp;description=&amp;tabindex=0&amp;theme=gravity-theme&amp;hash=8d907caff460821c366ed2411b0c45b3' \/>\n            <input type='hidden' class='gform_hidden' name='gform_submission_method' data-js='gform_submission_method_2452' value='iframe' \/>\n            <input type='hidden' class='gform_hidden' name='gform_theme' data-js='gform_theme_2452' id='gform_theme_2452' value='gravity-theme' \/>\n            <input type='hidden' class='gform_hidden' name='gform_style_settings' data-js='gform_style_settings_2452' id='gform_style_settings_2452' value='' \/>\n            <input type='hidden' class='gform_hidden' name='is_submit_2452' value='1' \/>\n            <input type='hidden' class='gform_hidden' name='gform_submit' value='2452' \/>\n            \n            <input type='hidden' class='gform_hidden' name='gform_currency' data-currency='AUD' value='lPE9p\/o7sdY\/TEX\/4t0VVXReOVPXIrIHTxGTenzISy1h8qwyizL9JlCWdmrMDoIQimuzr3OXfQ0TJrtaj+kay0m6BiFJOdi9W5BkjwdkxeQHiww=' \/>\n            <input type='hidden' class='gform_hidden' name='gform_unique_id' value='' \/>\n            <input type='hidden' class='gform_hidden' name='state_2452' value='WyJ7XCIxNFwiOltcIjIyODY0N2ViMWU3NTcxZjA4YTY4NGJmMDcwMTk3Y2I0XCIsXCJiMzk3YmQ1MDBmMmFjNjk1ODE4MzdmNTBhYTA2MzQ0OFwiLFwiNGYyNGZkZGEwMzlkNDUxMWFhZGE1NGYwZmQwZmNiZTdcIixcIjUyMmJkMDE2M2I2ZmEwOTI3NDZhZjU5YTg0ZmM1NDk5XCIsXCIzODRlNjk1YjQxMTAzMWFiYmQ2ODEyMGYyZWFhMDYyNlwiLFwiYjkzNDcwNTE2MjkxOGRjZWViMjQzNzRjNmE0NGVmNTlcIixcIjQxMTliODZhMzVjYzJiMWViNDZiMmQ4NjRlNGUzZmNjXCJdfSIsIjQ3MjNiMzA2ZDIyZGVkODA2N2YyMjYyOThkYzI1ODVmIl0=' \/>\n            <input type='hidden' autocomplete='off' class='gform_hidden' name='gform_target_page_number_2452' id='gform_target_page_number_2452' value='0' \/>\n            <input type='hidden' autocomplete='off' class='gform_hidden' name='gform_source_page_number_2452' id='gform_source_page_number_2452' value='1' \/>\n            <input type='hidden' name='gform_field_values' value='' \/>\n            \n        <\/div>\n                        <\/form>\n                        <\/div>\n\t\t                <iframe style='display:none;width:0px;height:0px;' src='about:blank' name='gform_ajax_frame_2452' id='gform_ajax_frame_2452' title='This iframe contains the logic required to handle Ajax powered Gravity Forms.'><\/iframe>\n\t\t                <script>\ngform.initializeOnLoaded( function() {gformInitSpinner( 2452, 'https:\/\/legalvision.co.nz\/wp-content\/themes\/legalv-v6\/img\/spinner.svg', true );jQuery('#gform_ajax_frame_2452').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') >= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_2452');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_2452').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! is_redirect && ! is_confirmation;var mt = parseInt(jQuery('html').css('margin-top'), 10) + parseInt(jQuery('body').css('margin-top'), 10) + 100;if(is_form){form_content.find('form').css('opacity', 0);jQuery('#gform_wrapper_2452').html(form_content.html());if(form_content.hasClass('gform_validation_error')){jQuery('#gform_wrapper_2452').addClass('gform_validation_error');} else {jQuery('#gform_wrapper_2452').removeClass('gform_validation_error');}setTimeout( function() { \/* delay the scroll by 50 milliseconds to fix a bug in chrome *\/ jQuery(document).scrollTop(jQuery('#gform_wrapper_2452').offset().top - mt); }, 50 );if(window['gformInitDatepicker']) {gformInitDatepicker();}if(window['gformInitPriceFields']) {gformInitPriceFields();}var current_page = jQuery('#gform_source_page_number_2452').val();gformInitSpinner( 2452, 'https:\/\/legalvision.co.nz\/wp-content\/themes\/legalv-v6\/img\/spinner.svg', true );jQuery(document).trigger('gform_page_loaded', [2452, current_page]);window['gf_submitting_2452'] = false;}else if(!is_redirect){var confirmation_content = jQuery(this).contents().find('.GF_AJAX_POSTBACK').html();if(!confirmation_content){confirmation_content = contents;}jQuery('#gform_wrapper_2452').replaceWith(confirmation_content);jQuery(document).scrollTop(jQuery('#gf_2452').offset().top - mt);jQuery(document).trigger('gform_confirmation_loaded', [2452]);window['gf_submitting_2452'] = false;wp.a11y.speak(jQuery('#gform_confirmation_message_2452').text());}else{jQuery('#gform_2452').append(contents);if(window['gformRedirect']) {gformRedirect();}}jQuery(document).trigger(\"gform_pre_post_render\", [{ formId: \"2452\", currentPage: \"current_page\", abort: function() { this.preventDefault(); } }]);        if (event && event.defaultPrevented) {                return;        }        const gformWrapperDiv = document.getElementById( \"gform_wrapper_2452\" );        if ( gformWrapperDiv ) {            const visibilitySpan = document.createElement( \"span\" );            visibilitySpan.id = \"gform_visibility_test_2452\";            gformWrapperDiv.insertAdjacentElement( \"afterend\", visibilitySpan );        }        const visibilityTestDiv = document.getElementById( \"gform_visibility_test_2452\" );        let postRenderFired = false;        function triggerPostRender() {            if ( postRenderFired ) {                return;            }            postRenderFired = true;            gform.core.triggerPostRenderEvents( 2452, current_page );            if ( visibilityTestDiv ) {                visibilityTestDiv.parentNode.removeChild( visibilityTestDiv );            }        }        function debounce( func, wait, immediate ) {            var timeout;            return function() {                var context = this, args = arguments;                var later = function() {                    timeout = null;                    if ( !immediate ) func.apply( context, args );                };                var callNow = immediate && !timeout;                clearTimeout( timeout );                timeout = setTimeout( later, wait );                if ( callNow ) func.apply( context, args );            };        }        const debouncedTriggerPostRender = debounce( function() {            triggerPostRender();        }, 200 );        if ( visibilityTestDiv && visibilityTestDiv.offsetParent === null ) {            const observer = new MutationObserver( ( mutations ) => {                mutations.forEach( ( mutation ) => {                    if ( mutation.type === 'attributes' && visibilityTestDiv.offsetParent !== null ) {                        debouncedTriggerPostRender();                        observer.disconnect();                    }                });            });            observer.observe( document.body, {                attributes: true,                childList: false,                subtree: true,                attributeFilter: [ 'style', 'class' ],            });        } else {            triggerPostRender();        }    } );} );\n<\/script>\n<\/div>\n<\/div>\n<div id=\"content-next\"><!-- scroll anchor --><\/div>\n<h2 class=\"wp-block-heading\">Compliance and Registration<\/h2>\n\n\n\n<p>While there is no legal requirement for a partnership agreement to be formally registered, it is advisable to have it signed by all partners and witnessed to ensure its enforceability in court. If the partnership operates under a trading name, it must be registered with the New Zealand Companies Office to protect the name legally.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n\n\n<p>A partnership agreement is a legal document that ensures the business\u2019 smooth operation. It clearly outlining each partner&#8217;s roles, responsibilities and obligations. A comprehensive agreement can prevent misunderstandings and disputes, clarify profit-sharing arrangements and provide a clear path for resolving conflicts and dissolving the partnership if necessary.<\/p>\n\n\n\n<p>If you are drafting a subcontractor agreement, our experienced <a href=\"https:\/\/legalvision.co.nz\/contract-lawyers-lp\">contract lawyers<\/a> can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. Call us today on <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our <a href=\"https:\/\/legalvision.co.nz\/membership\/\">membership page<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1743479890541\"><h3 class=\"schema-faq-question\">What happens if we do not have a formal partnership agreement?<\/h3> <p class=\"schema-faq-answer\">If you do not have a formal partnership agreement, the default rules set out in the <em>Partnerships Law Act 2019<\/em> will apply. These default provisions are broad and may not reflect your partnership&#8217;s specific needs or intentions. Without a custom agreement, you may encounter disputes regarding profit-sharing, decision-making or roles, as the legal framework doesn&#8217;t account for specific business dynamics.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1743479907791\"><h3 class=\"schema-faq-question\">How can we ensure the partnership agreement is legally enforceable?<\/h3> <p class=\"schema-faq-answer\">To ensure the partnership agreement is legally enforceable, it should be signed by all partners and ideally witnessed. While it is not required to be formally registered, signing the agreement helps confirm its validity in case of disputes. Additionally, if the partnership operates under a trading name, it must be registered with the New Zealand Companies Office.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>A partnership is a common business structure in New Zealand, often chosen for its simplicity and flexibility. It involves two or more individuals (or entities) who agree to carry on business with the intention of sharing profits and losses. While partnerships can operate without a formal agreement, creating a partnership agreement is highly advisable. This<a href=\"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/\">Continue reading <span class=\"sr-only\">&#8220;Drafting a Partnership Agreement&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13496,"featured_media":228294,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[3],"tags":[25,101,111,505],"class_list":["post-228894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-contracts","tag-small-business","tag-partnership","tag-partnership-agreement","tag-contract-lawyer"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Drafting a Partnership Agreement | LegalVision New Zealand<\/title>\n<meta name=\"description\" content=\"LegalVision Associate Georgia Mackay outlines key clauses to include in your partnership agreement, and registration requirements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Drafting a Partnership Agreement | LegalVision New Zealand\" \/>\n<meta property=\"og:description\" content=\"LegalVision Associate Georgia Mackay outlines key clauses to include in your partnership agreement, and registration requirements.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/\" \/>\n<meta property=\"og:site_name\" content=\"LegalVision New Zealand\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LegalVision\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-01T04:07:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-21T05:08:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2024\/12\/06172259\/StockSnap_H6PSN9BPGZ.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2000\" \/>\n\t<meta property=\"og:image:height\" content=\"1333\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Georgia MacKay\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@LegalVision_law\" \/>\n<meta name=\"twitter:site\" content=\"@LegalVision_law\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Georgia MacKay\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/\"},\"author\":{\"name\":\"Georgia MacKay\",\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/#\\\/schema\\\/person\\\/e9616ad9a9aa00d136d779d4efd56796\"},\"headline\":\"Drafting a Partnership Agreement\",\"datePublished\":\"2025-04-01T04:07:09+00:00\",\"dateModified\":\"2025-05-21T05:08:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/\"},\"wordCount\":1033,\"publisher\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/img.legalvision.com.au\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/12\\\/06172259\\\/StockSnap_H6PSN9BPGZ.jpg\",\"keywords\":[\"small business\",\"partnership\",\"partnership agreement\",\"contract lawyer\"],\"articleSection\":[\"Commercial Contract Articles\"],\"inLanguage\":\"en-NZ\"},{\"@type\":[\"WebPage\",\"FAQPage\"],\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/\",\"url\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/\",\"name\":\"Drafting a Partnership Agreement | LegalVision New Zealand\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/img.legalvision.com.au\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/12\\\/06172259\\\/StockSnap_H6PSN9BPGZ.jpg\",\"datePublished\":\"2025-04-01T04:07:09+00:00\",\"dateModified\":\"2025-05-21T05:08:41+00:00\",\"description\":\"LegalVision Associate Georgia Mackay outlines key clauses to include in your partnership agreement, and registration requirements.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/#breadcrumb\"},\"mainEntity\":[{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/#faq-question-1743479890541\"},{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/#faq-question-1743479907791\"}],\"inLanguage\":\"en-NZ\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-NZ\",\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/#primaryimage\",\"url\":\"https:\\\/\\\/img.legalvision.com.au\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/12\\\/06172259\\\/StockSnap_H6PSN9BPGZ.jpg\",\"contentUrl\":\"https:\\\/\\\/img.legalvision.com.au\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/12\\\/06172259\\\/StockSnap_H6PSN9BPGZ.jpg\",\"width\":2000,\"height\":1333,\"caption\":\"What Should Employers Do Immediately After a Restrictive Covenant Breach?\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/legalvision.co.nz\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Articles\",\"item\":\"https:\\\/\\\/legalvision.co.nz\\\/articles\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Commercial Contract Articles\",\"item\":\"https:\\\/\\\/legalvision.co.nz\\\/category\\\/commercial-contracts\\\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Drafting a Partnership Agreement\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/#website\",\"url\":\"https:\\\/\\\/legalvision.co.nz\\\/\",\"name\":\"LegalVision New Zealand\",\"description\":\"LegalVision is a commercial law firm in NZ with a commitment to innovation\",\"publisher\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/legalvision.co.nz\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-NZ\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/#organization\",\"name\":\"LegalVision New Zealand\",\"url\":\"https:\\\/\\\/legalvision.co.nz\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-NZ\",\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/legalvision.co.nz\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/11\\\/LegalVision_square_logo.png\",\"contentUrl\":\"https:\\\/\\\/legalvision.co.nz\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/11\\\/LegalVision_square_logo.png\",\"width\":400,\"height\":400,\"caption\":\"LegalVision New Zealand\"},\"image\":{\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/LegalVision\",\"https:\\\/\\\/x.com\\\/LegalVision_law\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/legalvision-group\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/#\\\/schema\\\/person\\\/e9616ad9a9aa00d136d779d4efd56796\",\"name\":\"Georgia MacKay\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-NZ\",\"@id\":\"https:\\\/\\\/legalvision.com.au\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/georgia-mckay-96x96.png\",\"url\":\"https:\\\/\\\/legalvision.com.au\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/georgia-mckay-96x96.png\",\"contentUrl\":\"https:\\\/\\\/legalvision.com.au\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/georgia-mckay-96x96.png\",\"caption\":\"Georgia MacKay\"},\"url\":\"https:\\\/\\\/legalvision.co.nz\\\/author\\\/georgiamackay\\\/\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/#faq-question-1743479890541\",\"name\":\"What happens if we do not have a formal partnership agreement?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"If you do not have a formal partnership agreement, the default rules set out in the <em>Partnerships Law Act 2019<\\\/em> will apply. These default provisions are broad and may not reflect your partnership's specific needs or intentions. Without a custom agreement, you may encounter disputes regarding profit-sharing, decision-making or roles, as the legal framework doesn't account for specific business dynamics.\",\"inLanguage\":\"en-NZ\"},\"inLanguage\":\"en-NZ\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/legalvision.co.nz\\\/commercial-contracts\\\/drafting-partnership-agreement\\\/#faq-question-1743479907791\",\"name\":\"How can we ensure the partnership agreement is legally enforceable?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"To ensure the partnership agreement is legally enforceable, it should be signed by all partners and ideally witnessed. While it is not required to be formally registered, signing the agreement helps confirm its validity in case of disputes. Additionally, if the partnership operates under a trading name, it must be registered with the New Zealand Companies Office.\",\"inLanguage\":\"en-NZ\"},\"inLanguage\":\"en-NZ\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Drafting a Partnership Agreement | LegalVision New Zealand","description":"LegalVision Associate Georgia Mackay outlines key clauses to include in your partnership agreement, and registration requirements.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/","og_locale":"en_US","og_type":"article","og_title":"Drafting a Partnership Agreement | LegalVision New Zealand","og_description":"LegalVision Associate Georgia Mackay outlines key clauses to include in your partnership agreement, and registration requirements.","og_url":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/","og_site_name":"LegalVision New Zealand","article_publisher":"https:\/\/www.facebook.com\/LegalVision","article_published_time":"2025-04-01T04:07:09+00:00","article_modified_time":"2025-05-21T05:08:41+00:00","og_image":[{"width":2000,"height":1333,"url":"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2024\/12\/06172259\/StockSnap_H6PSN9BPGZ.jpg","type":"image\/jpeg"}],"author":"Georgia MacKay","twitter_card":"summary_large_image","twitter_creator":"@LegalVision_law","twitter_site":"@LegalVision_law","twitter_misc":{"Written by":"Georgia MacKay","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/#article","isPartOf":{"@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/"},"author":{"name":"Georgia MacKay","@id":"https:\/\/legalvision.co.nz\/#\/schema\/person\/e9616ad9a9aa00d136d779d4efd56796"},"headline":"Drafting a Partnership Agreement","datePublished":"2025-04-01T04:07:09+00:00","dateModified":"2025-05-21T05:08:41+00:00","mainEntityOfPage":{"@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/"},"wordCount":1033,"publisher":{"@id":"https:\/\/legalvision.co.nz\/#organization"},"image":{"@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/#primaryimage"},"thumbnailUrl":"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2024\/12\/06172259\/StockSnap_H6PSN9BPGZ.jpg","keywords":["small business","partnership","partnership agreement","contract lawyer"],"articleSection":["Commercial Contract Articles"],"inLanguage":"en-NZ"},{"@type":["WebPage","FAQPage"],"@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/","url":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/","name":"Drafting a Partnership Agreement | LegalVision New Zealand","isPartOf":{"@id":"https:\/\/legalvision.co.nz\/#website"},"primaryImageOfPage":{"@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/#primaryimage"},"image":{"@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/#primaryimage"},"thumbnailUrl":"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2024\/12\/06172259\/StockSnap_H6PSN9BPGZ.jpg","datePublished":"2025-04-01T04:07:09+00:00","dateModified":"2025-05-21T05:08:41+00:00","description":"LegalVision Associate Georgia Mackay outlines key clauses to include in your partnership agreement, and registration requirements.","breadcrumb":{"@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/#breadcrumb"},"mainEntity":[{"@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/#faq-question-1743479890541"},{"@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/#faq-question-1743479907791"}],"inLanguage":"en-NZ","potentialAction":[{"@type":"ReadAction","target":["https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/"]}]},{"@type":"ImageObject","inLanguage":"en-NZ","@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/#primaryimage","url":"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2024\/12\/06172259\/StockSnap_H6PSN9BPGZ.jpg","contentUrl":"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2024\/12\/06172259\/StockSnap_H6PSN9BPGZ.jpg","width":2000,"height":1333,"caption":"What Should Employers Do Immediately After a Restrictive Covenant Breach?"},{"@type":"BreadcrumbList","@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/legalvision.co.nz\/"},{"@type":"ListItem","position":2,"name":"Articles","item":"https:\/\/legalvision.co.nz\/articles\/"},{"@type":"ListItem","position":3,"name":"Commercial Contract Articles","item":"https:\/\/legalvision.co.nz\/category\/commercial-contracts\/"},{"@type":"ListItem","position":4,"name":"Drafting a Partnership Agreement"}]},{"@type":"WebSite","@id":"https:\/\/legalvision.co.nz\/#website","url":"https:\/\/legalvision.co.nz\/","name":"LegalVision New Zealand","description":"LegalVision is a commercial law firm in NZ with a commitment to innovation","publisher":{"@id":"https:\/\/legalvision.co.nz\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/legalvision.co.nz\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-NZ"},{"@type":"Organization","@id":"https:\/\/legalvision.co.nz\/#organization","name":"LegalVision New Zealand","url":"https:\/\/legalvision.co.nz\/","logo":{"@type":"ImageObject","inLanguage":"en-NZ","@id":"https:\/\/legalvision.co.nz\/#\/schema\/logo\/image\/","url":"https:\/\/legalvision.co.nz\/wp-content\/uploads\/sites\/2\/2020\/11\/LegalVision_square_logo.png","contentUrl":"https:\/\/legalvision.co.nz\/wp-content\/uploads\/sites\/2\/2020\/11\/LegalVision_square_logo.png","width":400,"height":400,"caption":"LegalVision New Zealand"},"image":{"@id":"https:\/\/legalvision.co.nz\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/LegalVision","https:\/\/x.com\/LegalVision_law","https:\/\/www.linkedin.com\/company\/legalvision-group"]},{"@type":"Person","@id":"https:\/\/legalvision.co.nz\/#\/schema\/person\/e9616ad9a9aa00d136d779d4efd56796","name":"Georgia MacKay","image":{"@type":"ImageObject","inLanguage":"en-NZ","@id":"https:\/\/legalvision.com.au\/wp-content\/uploads\/2024\/06\/georgia-mckay-96x96.png","url":"https:\/\/legalvision.com.au\/wp-content\/uploads\/2024\/06\/georgia-mckay-96x96.png","contentUrl":"https:\/\/legalvision.com.au\/wp-content\/uploads\/2024\/06\/georgia-mckay-96x96.png","caption":"Georgia MacKay"},"url":"https:\/\/legalvision.co.nz\/author\/georgiamackay\/"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/#faq-question-1743479890541","name":"What happens if we do not have a formal partnership agreement?","acceptedAnswer":{"@type":"Answer","text":"If you do not have a formal partnership agreement, the default rules set out in the <em>Partnerships Law Act 2019<\/em> will apply. These default provisions are broad and may not reflect your partnership's specific needs or intentions. Without a custom agreement, you may encounter disputes regarding profit-sharing, decision-making or roles, as the legal framework doesn't account for specific business dynamics.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"},{"@type":"Question","@id":"https:\/\/legalvision.co.nz\/commercial-contracts\/drafting-partnership-agreement\/#faq-question-1743479907791","name":"How can we ensure the partnership agreement is legally enforceable?","acceptedAnswer":{"@type":"Answer","text":"To ensure the partnership agreement is legally enforceable, it should be signed by all partners and ideally witnessed. While it is not required to be formally registered, signing the agreement helps confirm its validity in case of disputes. Additionally, if the partnership operates under a trading name, it must be registered with the New Zealand Companies Office.","inLanguage":"en-NZ"},"inLanguage":"en-NZ"}]}},"_links":{"self":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/228894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/users\/13496"}],"replies":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/comments?post=228894"}],"version-history":[{"count":3,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/228894\/revisions"}],"predecessor-version":[{"id":229038,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/posts\/228894\/revisions\/229038"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media\/228294"}],"wp:attachment":[{"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/media?parent=228894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/categories?post=228894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/legalvision.co.nz\/api\/wp\/v2\/tags?post=228894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}