Free partnership agreement template (Australia)
A free Australian partnership agreement template from Quillio covers: partnership capital, profit share, decision-making, admission of new partners, retirement, expulsion, dissolution, and winding up. Drafted to the Partnership Act in each state (Partnership Act 1892 (NSW), Partnership Act 1958 (VIC), Partnership Act 1891 (QLD), etc.). Suitable for professional services partnerships and business partnerships. I produce a tailored agreement in under 90 seconds.
Partnership fundamentals
A partnership exists under state Partnership Acts where two or more persons carry on business in common with a view to profit. Default rules (equal profit share, equal decision-making, unlimited joint and several liability) apply unless varied by agreement. Most partnerships benefit from a written agreement varying the defaults — especially on profit share, decision-making, and exit mechanics.
Key clauses
Capital contributions (amounts and timing); profit and loss sharing (equal, percentage, point system, or merit-based); decision-making (majority vs unanimous for key decisions); reserved matters; partner remuneration and benefits; admission of new partners; retirement (notice, payout formula); expulsion (for cause); dissolution triggers; valuation mechanism; non-compete on exit; and dispute resolution.
Incorporated legal practices
Since the 2000s, law partnerships can operate as incorporated legal practices (ILPs) under Part 3.7 of the Legal Profession Uniform Law. Many have converted from general partnerships to ILPs for liability and tax reasons. Still, partnership agreements remain common for professional services firms that prefer the partnership structure.
How I generate partnership agreements
Tell me partners, capital contributions, profit share arrangement, and exit expectations. I produce a draft in 60-90 seconds, in state-compliant form. For business law firms drafting volume SME partnerships this accelerates routine work significantly.
Common issues
- Joint and several liability is automatic — only LLPs (law firms) limit this
- Partner exit valuations are the #1 cause of partnership disputes — get the formula right
- Admitting a new partner requires unanimous consent unless the agreement says otherwise
Try Quillio on a real matter.
The fastest way to know if Quillio fits your practice is to use it on your own work. The free trial requires no credit card and no sales call.
Start your free trial