Partners need to be kept informed of the level of profitability of the practice and, to this end, full financial accounts should be prepared on a quarterly basis, including a work in progress valuation. To assist the management, budgets and cash flow statements should ideally be prepared for at least two years in advance.
. Clearly defined provisions in the partnership agreement should set out the terms and conditions for the retirement of a, including the withdrawal of his capital and financial provision for his future needs