The Accounting Firm Partnership Agreement serves as the foundational document for establishing and operating an accounting partnership in New Zealand. This agreement is essential when forming a new accounting partnership, admitting new partners, or updating existing partnership arrangements. It comprehensively addresses all aspects of partnership operations, including capital contributions, profit sharing, management structure, decision-making processes, and partner obligations. The document ensures compliance with New Zealand legislation, including the Partnership Act 2019, professional standards set by the New Zealand Institute of Chartered Accountants, and relevant financial services regulations. It provides necessary frameworks for governance, dispute resolution, and partner exits, while protecting the firm's interests and maintaining professional standards.
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1. Parties: Identifies and defines all partners entering into the agreement
2. Background: Sets out the context and purpose of the partnership agreement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Partnership Structure: Details the nature of the partnership, ownership structure, and capital contributions
5. Partnership Interests: Specifies each partner's ownership percentage and voting rights
6. Management and Decision Making: Establishes governance structure, voting procedures, and decision-making processes
7. Financial Arrangements: Covers profit sharing, drawings, capital accounts, and financial management
8. Duties and Obligations of Partners: Outlines partners' responsibilities, professional obligations, and ethical requirements
9. Professional Standards: Specifies compliance requirements with NZICA standards and other professional regulations
10. Client Relations: Establishes protocols for client engagement, retention, and relationship management
11. Confidentiality and Intellectual Property: Addresses confidentiality obligations and ownership of firm intellectual property
12. Insurance and Liability: Details professional indemnity insurance requirements and liability arrangements
13. Addition of New Partners: Procedures for admitting new partners to the firm
14. Retirement and Exit: Process for partner retirement, resignation, or voluntary exit
15. Termination and Expulsion: Grounds and procedures for partnership termination or partner expulsion
16. Dispute Resolution: Procedures for resolving disputes between partners
17. General Provisions: Includes standard boilerplate clauses, governing law, and notices
1. International Practice: Required when the firm operates across multiple jurisdictions
2. Specialty Divisions: Needed when the firm has distinct practice areas with specific profit-sharing arrangements
3. Student and Graduate Program: Include when the firm runs formal training programs
4. Related Entities: Required when the partnership owns or operates other business entities
5. Trust Account Operations: Include if the firm operates trust accounts
6. Digital Assets and Technology: Important for firms with significant digital presence or proprietary software
7. Goodwill: Include specific provisions when goodwill is separately valued and traded
1. Schedule 1: Current Partners: List of all current partners and their respective partnership interests
2. Schedule 2: Capital Contributions: Details of initial and ongoing capital contributions by partners
3. Schedule 3: Profit Sharing Formula: Detailed methodology for calculating profit shares
4. Schedule 4: Office Locations: List of firm offices and jurisdictions of operation
5. Schedule 5: Management Structure: Detailed organizational structure and management positions
6. Schedule 6: Required Insurance: Specifics of required insurance coverage and minimum limits
7. Appendix A: Partner Performance Criteria: Performance evaluation metrics and criteria
8. Appendix B: Approved Leave Policies: Detailed policies regarding partner leave and absences
9. Appendix C: Valuation Methodology: Agreed methodology for valuing partnership interests
Authors
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Accounting Services
Financial Services
Business Advisory
Tax Services
Audit Services
Management Consulting
Corporate Services
Relevant Teams
Executive Leadership
Partner Group
Legal
Compliance
Risk Management
Professional Standards
Finance
Corporate Governance
Partnership Administration
Operations Management
Relevant Roles
Managing Partner
Senior Partner
Equity Partner
Non-Equity Partner
Tax Partner
Audit Partner
Chief Executive Officer
Chief Financial Officer
Managing Director
Practice Manager
Partnership Secretary
Legal Counsel
Compliance Officer
Risk Manager
Professional Standards Manager
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