Transcription of PARTNERSHIP AGREEMENT
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PARTNERSHIP AGREEMENT
PARTNERSHIP AGREEMENTA publication of the South African Medical Association (Incorporated association not forgain reg no 05/0136/08) P O Box 74789, Lynnwood Ridge, 0040 PARTNERSHIP AGREEMENT SAMA Copyright2It is essential that the greatest care be exercised in the preparation and drafting of a partnershipagreement. A clear, comprehensive and reasonable AGREEMENT may well minimise or preventdisputes or disharmony in the practice, safeguard the interest of the parties dependants andavoid income tax intending partners should know in principle and outline what and why they intend to contractfor. Their ideas should then be submitted to an attorney (or the attorneys of the various parties)in draft, for the preparation and finalisation of a PARTNERSHIP AGREEMENT . A draft partnershipagreement is attached hereto. It has been drafted as simple and unambiguous as possible andcover the issues discussed below.
Notwithstanding the conditions of the agreement, a partner is entitled at any time to resign from the partnership. (I n certain circumstances he may, however, be liable for damages to the other partners.) In general, the agreement should provide for reasonable notice to be given to all the other partners of an intention to retire or to resign.
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