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About Product
This agreement is a simple joint venture agreement between two partners - which may be individuals or entities such as SMSFs or discretionary trusts. It is not for business - use theLYD Business Partnership nor for related party partnerships – ‘mum and dad’ style tenants in common partnerships, which can be found in Related Party Partnerships.
► $129.00 (inc GST) - OR provided under your unlimited membership
► The master document has been signed off by LY Legal and is congruent with Australian law.
General Information
For many undertakings where two or more parties are undertaking joint operations or investing in property together it is crucial to have a properly articulated and legally viable partnership agreement.
Benefits
- Simple and easy to prepare and use.
- Sets in place the terms and conditions of the partnership.
- Includes details of capital contributions of partners and partnership splits
- Provides arbitration in the event of dispute.
Frequently Asked Legal Questions
What happens if there is a disagreement?
If there is a disagreement between partners, then all partners agree to submit to arbitration under the Australian Arbitration Act.
What happens on death or mental incapacity of a Partner?
The surviving partners are to have a meeting and decide whether the partnership is an ongoing concern and are provided with the option to acquire the deceased or incapacitated partner’s interest at fair market value.
Can it be used for a one-of property development and property investment?
Absolutely, property developments between non-associated and even associated parties can be fraught with danger. TheLYD Partnership Agreement can handle one-of transactions including property developments and property investment. However if there are a number of parties a unit trust, company or more suitable structure should be used. Contact Tony Anamourlis from Abbott and Mourly - tanamourlis@abbottmourly.com.au to discuss.
Is it suitable for Spousal tenants in common investment properties?
The simple partnership is perfect to lay down the legalities that apply to a tenants in common partnership.
How long does this document take to assemble?
Depending on the complexity of the data, this document should take approximately 5-10 secs to assemble. If you experience timing outside of this please contact Support via the Surge app, alternatively please read this article for troubleshooting tips https://info.lightyeardocs.com.au/supportcentre/troubleshooting-longer-assembly-times-timeouts .
Is this document a legal document?
All master documents have been signed off by LY Legal lawyers. Tony Anamourlis of LY Legal advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on theLYD platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through theLYD platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”
However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by LY Legal.
The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:
“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”
Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.
Is the document easy to read?
All LYD products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lyd.com.au.
What lawyers sign off on the LYD documents?
All LYD documents are prepared and signed off by LY Legal.
Are the LYD documents reviewed regularly?
All LYD documents form part of the LYD internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.
Can I get a sample of this document?
Yes, please email support@lyd.com.au to request a sample document for you to review.