Example Law Firm Partnership Agreement

The contract format you are using should always contain a section on how the partnership can be dissolved. This is often the most complicated part of the partnership act, so I`ll show you how to do it. 6.04. Participation in qualified pension plans. Unless otherwise authorized by the Executive Committee, each partner participates in one or more qualified retirement plans designated by the partnership. The effect of this participation is to make, on behalf of this partner, comprehensive contributions to the partnership contributions (through contributions other than the twinning, which were made following an election to defer income or wages) that would have been made on his behalf as a contribution under the pension plan. Partners may also participate, as far as possible by law, in any eligible supplementary pension scheme set up by the partnership to which they are eligible and in the electoral function of the pension plan. As of April 1, 1983, each partner`s share of the partnership`s contributions on behalf of all partners to qualified pension plans maintained by the partnership (including contributions to the partnership resulting from a deferred compensation) is that of partnership contributions that are made on its behalf to all of these plans and are determined according to the procedures set out by the executive committee and in the case of a performance-based plan. , as defined by the actuary in connection with the current plan.

The share of each participating partner in contributions for all other eligible pension contributions (excluding legal counsel contributions) is determined by the participating partner`s share of net income or the net loss of the partnership, if any. For the purposes of this agreement, contributions to an eligible pension plan are deducted from the income of the partnership for the year for which these contributions are deductible for federal income tax purposes. Contributions attributable to dependent partners are deducted in these tranches or on a lump sum. how the executive committee can determine from time to time from any salary that can determine the draw. Bonus or any other amount the partnership must pay to that partner (the deductions that must be paid before that contribution if the partnership determines it). No partner is entitled to the partnership or a qualified pension plan maintained by the partnership with respect to these contributions, except in accordance with the provisions of such a plan. In addition, each partner and heirs, spouses, spouses and beneficiaries should be concerned exclusively with the assets of a qualified pension plan in which the partner participates or has participated, not the payment of benefits due to it. At any time when the partnership suffers a lack of funding or liability with respect to the accumulated benefit or the account of a partner or the benefit paid under a defined benefit plan, that partner is bound to the partnership to the extent of that default or responsibility, and the partnership may withdraw or withhold that amount from any return on investment. , distribution, draw, bonus.

, or any other payment due by other means to assign that partner (or its heirs, representatives or beneficiaries of the transfer) and these costs to the partner concerned. All decisions taken by the partnership in accordance with this paragraph are final, binding and conclusive for all partners, former partners and their heirs, representatives and beneficiaries of the transfer.