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Simple General Partnership Agreement

Simple General Partnership Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Simple General Partnership Agreement

"I need a Simple General Partnership Agreement for three partners starting a technology consulting business in Dubai, with equal profit sharing and initial capital contribution of AED 500,000 each, commencing operations on March 1, 2025."

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Document background
The Simple General Partnership Agreement is a fundamental legal document used in the United Arab Emirates when two or more parties wish to establish a formal business partnership. This agreement type is governed by UAE Federal Law No. 2 of 2015 and related commercial regulations, requiring specific provisions to ensure legal compliance and protection of all partners' interests. The document is particularly suitable for small to medium-sized businesses where partners intend to actively participate in management and share unlimited liability for the partnership's obligations. It includes essential provisions for capital contributions, profit sharing, management rights, partner obligations, and dissolution procedures, while adhering to UAE legal requirements for partnership formation and operation.
Suggested Sections

1. Parties: Identification of all partners entering into the agreement, including full legal names and addresses

2. Background: Context of the partnership formation and brief description of the intended business

3. Definitions: Key terms used throughout the agreement

4. Partnership Formation: Declaration of partnership formation, business name, and commencement date

5. Business Purpose: Detailed description of partnership's business activities and objectives

6. Capital Contributions: Details of initial and any agreed future capital contributions from each partner

7. Profit and Loss Sharing: Agreement on how profits and losses will be distributed among partners

8. Management and Decision Making: Partnership management structure and decision-making processes

9. Partners' Rights and Obligations: Detailed responsibilities and rights of each partner

10. Banking and Financial Matters: Banking arrangements and financial management procedures

11. Accounting and Records: Requirements for maintaining partnership accounts and records

12. Transfer of Partnership Interest: Rules regarding transfer of partnership interests to third parties

13. Addition and Withdrawal of Partners: Procedures for admitting new partners or handling partner withdrawals

14. Dissolution and Termination: Circumstances and procedures for partnership dissolution

15. Governing Law and Jurisdiction: Confirmation of UAE law application and jurisdiction

16. General Provisions: Standard boilerplate clauses including notices, amendments, and severability

Optional Sections

1. Non-Competition: Restrictions on partners engaging in competing businesses, used when partners have other business interests

2. Intellectual Property: IP ownership and usage rights, included when the partnership involves significant IP assets

3. Employee Management: Procedures for hiring and managing employees, included for partnerships planning to have employees

4. Dispute Resolution: Detailed dispute resolution procedures, recommended for partnerships with complex operations

5. Insurance: Insurance requirements and obligations, important for partnerships with physical assets or high-risk activities

6. Force Majeure: Provisions for unforeseen circumstances, particularly relevant in certain industries

7. Confidentiality: Detailed confidentiality obligations, important when dealing with sensitive information

Suggested Schedules

1. Schedule 1 - Capital Contributions: Detailed breakdown of each partner's initial and committed capital contributions

2. Schedule 2 - Business Plan: Initial business plan and operational strategy

3. Schedule 3 - Partner Information: Detailed information about each partner including contact details and representatives

4. Schedule 4 - Profit Sharing Ratios: Detailed breakdown of profit and loss sharing arrangements

5. Schedule 5 - Management Responsibilities: Specific roles and responsibilities of managing partners

6. Appendix A - Required Licenses: List of required business licenses and permits

7. Appendix B - Partnership Policies: Key operational policies and procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




























Clauses




































Relevant Industries

Professional Services

Retail

Trading

Construction

Real Estate

Hospitality

Technology

Manufacturing

Consulting

Food and Beverage

Healthcare

Education

Media and Entertainment

Relevant Teams

Legal

Corporate Affairs

Compliance

Finance

Operations

Risk Management

Business Development

Partner Relations

Executive Leadership

Commercial

Relevant Roles

Business Owner

Managing Partner

Legal Counsel

Corporate Lawyer

Business Development Manager

Chief Executive Officer

Chief Financial Officer

Operations Manager

Company Secretary

Compliance Officer

Risk Manager

Partner Relations Manager

Commercial Director

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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