{"id":363,"date":"2025-11-04T12:13:59","date_gmt":"2025-11-04T11:13:59","guid":{"rendered":"https:\/\/auditia.viixdigital.ch\/?p=363"},"modified":"2026-03-05T12:20:26","modified_gmt":"2026-03-05T11:20:26","slug":"why-a-pacte-dassocies","status":"publish","type":"post","link":"https:\/\/www.auditia.ma\/en\/why-a-pacte-dassocies\/","title":{"rendered":"Why a Partnership Agreement?"},"content":{"rendered":"
\n
\n
\n
\n

When should a shareholders' agreement be signed?<\/h2>\n<\/div>\n<\/div>\n<\/div>\n
\n
\n

I- Company formation<\/strong><\/h3>\n

- Setting common objectives
\n\u2022 Organize governance and share transfers<\/strong><\/a><\/p>\n

II- Entry of partners or employees into the capital<\/strong><\/h3>\n

- Link their partnership status to the planned partnership
\n- Prohibit them from competing with the company
\n- Provide a mechanism for the forced repurchase of their shares if they cease their collaboration.<\/p>\n

III- Equity investment<\/strong><\/h2>\n

- Granting the right to information on business conduct
\n- Granting the right to control important decisions made within the framework of corporate governance
\n\u2022 Organize the right of joint exit<\/a><\/strong> with the majority<\/p>\n<\/div>\n<\/div>\n

\n
\n
\n

What are the most frequently used clauses?<\/h2>\n<\/div>\n<\/div>\n<\/div>\n
\n
\n

I- Governance and operating clauses
\nof the company<\/strong><\/h3>\n

1. Control clause for major decisions in the form of a veto or a body responsible for approving major decisions<\/p>\n

2. Reinforced information clause<\/p>\n

3. Clause for resolving blocking situations in the case of equal partners<\/p>\n

4. Dividend distribution clause<\/p>\n

5. Clause of funding<\/strong><\/a> establishing the conditions for financing the company through current account advances from its partners<\/p>\n

II- Clauses concerning capital and share transfers<\/strong><\/h3>\n

1. Temporary inalienability (or non-transferability) clause<\/p>\n

2. Approval clause for new share sales or transfers<\/p>\n

3. Right of first refusal clause<\/p>\n

4. Joint exit clause<\/p>\n

5. Accretion clause to correct the value of an investor's equity investment<\/p>\n

6. Liquidity clause allowing investors to exit the company at term<\/p>\n

III- Clauses concerning partners practising a profession
\nkey operational functions<\/strong><\/h3>\n

1. Non-competition clause prohibiting operating partners from competing with the company<\/p>\n

2. Exclusivity clause obliging operating partners to devote all or part of their time to their duties within the company<\/p>\n

3. Good leaver or bad leaver clause obliging operating partners (or their heirs) to sell their shares to the other partners if they cease to hold office<\/p>\n<\/div>\n<\/div>\n

\n
\n
\n

What are the penalties for non-compliance?<\/h2>\n<\/div>\n<\/div>\n<\/div>\n
\n
In the event of non-compliance with the covenant, the consequences and sanctions must be clearly set out in the partners' contract.<\/div>\n<\/div>\n
\n
\n

The most common penalties to expect:<\/p>\n

- Damages paid to associates
\n- Damages paid to the company
\n- Forced sale of shares to other shareholders (at a discount to market value where applicable).<\/p>\n<\/div>\n<\/div>\n

\n
\n
\n

What are the pitfalls to avoid?<\/h2>\n<\/div>\n<\/div>\n<\/div>\n
\n
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It must always be borne in mind that it must offer a balance between the signatories, and must not be a source of tension.<\/h3>\n<\/div>\n<\/div>\n
\n
\n

Pitfalls to avoid:<\/p>\n

- Drafting imprecise clauses
\n- Include clauses that are too rigid or restrictive: this type of clause is often counterproductive.
\n- No penalties for breaches of the covenant
\n- Drafting clauses that contradict statutory clauses<\/p>\n<\/div>\n<\/div>\n

\n
\n

Drawing up a shareholders' agreement requires skill and expertise to avoid certain pitfalls.<\/p>\n<\/div>\n<\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"

In what cases should a shareholders' agreement be concluded? I- Company creation \u2022 Define common objectives \u2022 Organize governance and share transfers II- Entry of partners or collaborators into the capital \u2022 Link their shareholder status to the planned partnership \u2022 Prohibit them from competing with the company \u2022 Provide for a mechanism for [\u2026]<\/p>","protected":false},"author":1,"featured_media":186,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-363","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-audit"],"yoast_head":"\nPourquoi un Pacte d\u2019Associ\u00e9s? - Auditia : Expert Comptable Casablanca<\/title>\n<meta name=\"description\" content=\"Dans quels cas conclure un pacte d\u2019associ\u00e9s ? 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