Partnership Agreements Assignment 2022

Part- D: Transcript
Hello,
My name is (#your name), student of (###). Today I am here to present the transcript relating
to best suitable business structure for small businesses. Through this video, I will describe
about the term partnership, partnership agreement and how partnership is beneficial for small
business owners.
Before going further, it is necessary to understand the meaning of partnership.
Meaning of Partnership:
The Partnership Act (PA) 1891(QLD) defines a partnership as the relationship between
persons engaged in a business with a view to profit.1
The PA 1891 deals with:
 Partnership nature
 Partnership relationship with people dealing with them
 Partnership relationships with each other, and
 Partnership dissolution and its implications.
Thus, after understanding the meaning of partnership, I would like to define the
partnership agreement, its meaning and what are the key points, which must be included
in such agreement.
Partnership Agreement
Partnership agreements are not mandatory, but they are highly promoted. The default clauses
of PA provide for a particular network of legal security, but there is no assurance that they
match the plans, understandings and specifications of each partnership. A partnership
agreement indicates exactly who owns the percentage of a firm.
Following particulars must be included in partnership agreement, these are:
 A declaration on the company’s accepted principle
 Declaration of partners commitments including implicit dedication to partnership
1 Partnership Act 1891 (s.5)