HOME CARE PARTNERSHIP AGREEMENT
This Partnership Agreement is made on __________________20___ Between
______________ on one part and ________________ on the other part (hereinafter
referred to as the “partners”).
1. Name and Business.
The parties hereby agree to form a partnership to operate a business known as
XXX.
The principal office of the business shall be at XXX.
2. Services.
The partnership will aim to provide continuity of care as seamlessly as possible
without disrupting the services provided to the clients.
In case of any changes to the business structure, whoever is in charge will notify the
regulators of any changes.
3. Share.
The partnership shall be owned in equal shares at 50:50, with both parties having
equal rights to the business management.
4. Profit and Loss.
The partnership’s net profits shall be divided equally (50:50) between the partners,
and the net losses shall be borne equally.
5. Management Duties and Restrictions.
The partners shall have equal rights in the management of the partnership business,
and each partner shall devote their entire time to the company’s conduct. Without the
consent of the other partner, neither partner shall, on behalf of the partnership,
borrow or lend money, or make, deliver, or accept any commercial paper, or execute
any mortgage, security agreement, bond, lease, or purchase or contract to purchase
or sell or contract to sell any property for or of the partnership other than the type of
property bought and sold in the regular course of its business.
6. Banking.
All partnership funds shall be deposited in its name in such checking accounts or
accounts designated by the partners. All withdrawals are to be signed by either
partner.
7. Termination.
The partnership may be dissolved at any time by the partners’ Agreement, in which
the exiting partner shall issue a minimum of six months’ written notice.
The remaining partner shall continue managing the partnership, and the six months’
notice shall be the period to allow the recruitment of a new partner or make other
arrangements for a registered manager.
The partnership may also be terminated for;
i. Fraudulent activities.
ii. Changes in one of the partner’s goals or desired direction.
iii. Mixing personal relationships with business.
iv. Unequal contributions to the growth of the business.
8. Exit Strategy.
If a partner leaves the partnership either through death, expulsion, or retirement, the
outgoing partner will receive payment from the others for their share.
The exiting partner will receive payment immediately, after a set period (3-6 months)
of time or by installments, whichever will be agreed upon.
The remaining partners will have the option to buy the exiting partner’s share.
The partners agree that the share of the business is to be valued by an agreed
professional/solicitor.
The outgoing partner will be free to set up a competing business or work for a
competitor. The remaining partner will seek to protect the legitimate interest in the
firm’s business links and confidential information.
9. Death or Bankruptcy.
Upon the death of either partner or either partner is declared bankrupt, the
partnership shall continue as long as the other partner can pay for the deceased’s
share of the business.
10. Insurance.
The partners will ensure that all the assets and operations are insured and covered
by Public Liability Insurance.
The insurance cover shall be comprehensive and will include the following; –
Employer’s liability.
Public liability.
Contents insurance.
Professional indemnity.
11. Dispute Resolution.
Any controversy or claim arising out of or relating to this Agreement, or the breach
thereof, shall be settled through mediation; if the same fails, it will be resolved by
arbitration.
12. Governing Law.
This Agreement shall be construed, governed, interpreted, and applied according to
the Laws of _______________.
13. Waiver.
The waiver by either party of the breach of any covenant or provision in this
Agreement shall not operate or be construed as a waiver of any subsequent breach
by either party.
14. Severability.
In the event a court of competent jurisdiction declares any term or provision of this
Agreement to be invalid or unenforceable for any reason, this Agreement will remain
in full force and effect and either:
a. The invalid or unenforceable provision(s) will be modified to the minimum
extent necessary to make such provision(s) valid and enforceable; or
b. If such a modification is not possible, this Agreement will be interpreted as if
such invalid or unenforceable provision(s) were not a part of this Agreement.
15. Amendment.
This Agreement cannot be amended without the written consent of all partners.
IN WITNESS WHEREOF, the partners hereunto set their signatures and
acknowledged this Agreement as the date first above written.
__________________________________
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Signature:
_____________________________
Date:
_________________________________
Email Address:
_________________________
__________________________________
_____
Signature:
_____________________________
Date:
_________________________________
Email Address:
_________________________
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