FORM OF PARTNERSHIP AGREEMENT FOR PROFESSIONAL MEN

Any draft of a general form of partnership agreement for professional men must be prepared and read with full realization that no such form will be usable in its entirety by any partnership any more than a general form of will could be used in its entirety in estate planning. A partnership of professional men such as lawyers, doctors or accountants is a highly personal arrangement and the terms of agreement must recognize the desires and accord with the sense of fairness of all members. Therefore, the following suggestions are offered merely as a guide to thinking in the preparation of such partnership agreements. The provisions incorporated in the agreement have been selected as a generally fair arrangement and some alternatives are suggested in the text notes. Such alternatives are not intended to exhaust the possibilities, but merely to offer additional trains of thought.