This precedent is a partnership agreement, designed specifically for partnerships between chartered accountants. The nature of the partnership involving chartered accountants is affected by the number of partners constituting the partnership, the nature of their clients, the nature of their work and whether the partnership operates internationally, nationally or within one state or territory. This precedent agreement sets out the basic structure for an agreement documenting partnership arrangements between chartered accounts and is predicated on the partnership operating out of one state or territory.
It is to be used as a guide only. When using this precedent, practitioners should • be familiar with the relevant state or territory Partnership Act, applicable to a specific partnership, as each state and territory in Australia has a separate Partnership Act, the contents of which are very similar to each other; • understand the relationship between the short and long term strategic objectives of the partners; and • be aware of any material regulations applicable to the chartered accountant profession which could impact chartered accountant partnerships. For additional clauses or for variations to the clauses in this precedent, see the separate collection of partnership agreement optional clauses, or the separate precedents “Partnership agreement – general” and “Partnership agreement – general (extended).”