Office furniture and papers of partnership (optional clause)

Office furniture and papers of partnership (optional clause)

Regular price $7.00

This document is an optional clause which can be inserted into a partnership agreement.

When a firm is constituted as a partnership, the partnership agreement sometimes sets out what happens to partnership assets, such as furniture and fittings and documents, on the retirement or resignation of partners from the partnership. The distribution of partnership assets in these circumstances would be based on what the parties agree. In other words, there is no prescribed manner in which the assets would be distributed.

In relation to law firms, the client files are the property of the client. Subject to the client paying the bill, it is the client who will decide whether the law firm retains his or her files.

Using this precedent

This clause can be inserted into the separate precedent “Partnership agreement (short form, general)” and can be used in any partnership agreement if required.

When inserting this optional clause into an agreement, care must be taken to ensure that the agreement remains consistent. Cross-references, definitions and schedules should all be checked.

This document has been authored for LexisNexis by Michael Heraghty, Partner, TressCox Lawyers, Rosemarie Ryan, Barrister and Elise Margow, Principal, Legally Speaking.

This document is prepared with the assistance of Specialist Editor Stephen Newman, Executive Counsel, Ponte Earle