The Accounting Partnership Agreement is essential when two or more qualified accountants decide to establish a professional practice together or when new partners join an existing accounting firm in England and Wales. This document outlines the fundamental aspects of the partnership, including capital contributions, profit sharing, management responsibilities, and professional obligations. It ensures compliance with the Partnership Act 1890, ICAEW regulations, and other relevant legislation while protecting the interests of all partners and maintaining professional standards.
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1. Parties: Identification and details of all partners entering the agreement
2. Background: Context of the partnership formation and its objectives
3. Definitions: Key terms used throughout the agreement
4. Partnership Structure: Legal form, name, and place of business
5. Capital Contributions: Initial and ongoing capital requirements
6. Profit and Loss Sharing: Distribution of profits and allocation of losses
7. Management and Decision Making: Governance structure and voting rights
8. Partner Duties and Obligations: Responsibilities and commitments of partners
9. Professional Standards: Compliance with accounting regulations and ethical requirements
1. Restrictive Covenants: Non-compete and confidentiality provisions for protecting business interests post-departure
2. International Practice: Rules and procedures for international operations when partnership operates across multiple jurisdictions
3. Retirement Provisions: Partner retirement process, benefits and arrangements
1. Schedule 1: Initial Capital Contributions: Detailed breakdown of each partner's initial capital contribution
2. Schedule 2: Profit Sharing Ratios: Specific percentages or formulas for profit distribution
3. Schedule 3: Partner Details: Personal and professional information of all partners
4. Appendix A: Professional Indemnity Insurance: Insurance requirements and coverage details
5. Appendix B: Office Procedures: Standard operating procedures and administrative protocols
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