The Family Business Partnership Agreement is essential for Australian family businesses seeking to establish clear governance structures and operational guidelines while protecting both business interests and family relationships. This document becomes crucial when two or more family members decide to formalize their business relationship, particularly during business establishment, succession planning, or restructuring phases. The agreement encompasses crucial elements such as ownership distribution, management responsibilities, profit-sharing arrangements, dispute resolution mechanisms, and succession planning, all within the context of Australian legal requirements and business practices. It serves as a foundational document that helps prevent potential conflicts, ensures business continuity, and provides a clear framework for decision-making while considering the unique dynamics of family-owned enterprises. The agreement must comply with Australian partnership law, family law considerations, and relevant state and federal business regulations.
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1. Parties: Identifies all family members entering into the partnership agreement
2. Background: Outlines the family business history, purpose of the agreement, and intention to establish/continue the family partnership
3. Definitions and Interpretation: Defines key terms used throughout the agreement and interpretation rules
4. Partnership Structure: Details the nature of the partnership, ownership percentages, and capital contributions
5. Business Operations: Defines the scope of business activities, operating procedures, and management structure
6. Roles and Responsibilities: Specifies the roles, duties, and responsibilities of each family partner
7. Decision Making: Establishes voting rights and decision-making processes for various types of business decisions
8. Financial Management: Covers profit sharing, drawings, accounting practices, and financial reporting requirements
9. Employment of Family Members: Sets out policies for family member employment, compensation, and performance expectations
10. Succession Planning: Details the process for ownership transition and management succession
11. Exit Provisions: Specifies procedures for partner retirement, withdrawal, or forced exit
12. Dispute Resolution: Establishes procedures for resolving conflicts between family members
13. Dissolution: Outlines circumstances and procedures for partnership dissolution
14. General Provisions: Includes standard legal provisions such as governing law, notices, and amendments
1. Family Council: Establishes a family governance body for larger family businesses with multiple branches
2. Next Generation Integration: Specific provisions for bringing in and training next-generation family members
3. Intellectual Property: Required when the business owns significant IP or family name rights
4. Family Code of Conduct: Establishes behavioral expectations and values for family members in business context
5. External Management: Provisions for non-family professional management when required
6. Family Member Loans: Procedures for managing loans between family members and the business
7. Business Expansion: Framework for evaluating and implementing business growth opportunities
8. Social Media and Communications: Guidelines for family members' public communications about the business
9. Corporate Social Responsibility: Family business commitment to community and charitable activities
1. Schedule 1: Capital Contributions: Details of initial and subsequent capital contributions by each partner
2. Schedule 2: Profit Sharing Ratios: Current profit and loss allocation percentages among partners
3. Schedule 3: Business Assets: Comprehensive list of partnership assets and their agreed values
4. Schedule 4: Family Employment Policy: Detailed policies regarding family member employment and compensation
5. Schedule 5: Decision Making Matrix: Specific decisions requiring different levels of partner approval
6. Schedule 6: Valuation Methodology: Agreed methods for valuing partnership interests
7. Schedule 7: Family Constitution: Family values, vision, and governance principles
8. Appendix A: Partnership Premises: Details of business premises and any related lease arrangements
9. Appendix B: Required Qualifications: Minimum qualifications/experience required for key roles
10. Appendix C: Succession Planning Framework: Detailed procedures for implementing succession plans
Relevant legal definitions
Clauses
Relevant Industries
Retail
Agriculture
Hospitality
Manufacturing
Professional Services
Construction
Real Estate
Food and Beverage
Automotive
Healthcare
Wholesale Trade
Tourism
Education and Training
Transport and Logistics
Relevant Teams
Legal
Family Office
Executive Leadership
Finance
Human Resources
Operations
Business Development
Succession Planning
Corporate Governance
Risk Management
Family Council
Advisory Board
Relevant Roles
Family Business Owner
Managing Partner
Family Office Manager
Business Development Director
Operations Manager
Financial Controller
HR Manager
Succession Planning Advisor
Family Business Consultant
Corporate Lawyer
Partnership Attorney
Family Business Mediator
Business Succession Planner
Family Council Chair
Generation Next Program Manager
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