Whilst there is no legal obligation requiring a business partnership to put in place Partnership Agreements it is very important to do so in order to regulate the business relationship because the law does not adequately provide for many issues which can arise in the modern world.
What should be added to partnership agreements?
It is vital that Partners in a business address and document what happens:
- To the profits and losses of the business, how they are divided
- If a Partner wants to leave, how the relationship is terminated and how the assets and the profits of the business are divided
- If a Partner dies, what happens to the assets and the profits of the business
- On a day to day basis, how the Partnership is run, what decisions need to be unanimous and what can be left to individual Partners
How we can help with partnership agreements?
Our business services team has prepared Partnership Agreements for all types and sizes of business. We understand that businesses are not the same.
We offer you a free initial meeting to discuss the areas that are important for your business and supply you with a checklist identifying those topics which prospective Partners should discuss and agree on at the time of forming the business.
In many circumstances, we can offer you a fixed fee for drafting a Partnership Agreement and putting in place the protections you need. For assistance Contact us on 01206500181.