Our solicitors are vastly experienced in assisting companies of all sizes to facilitate and advise upon drafting a partnership agreement. At Blackstone Solicitors, we are able to advise many different types of client, no matter the complexity of the agreement required.
For more information about how our team of corporate solicitors can help you with drafting a partnership agreement, contact us on 0345 901 0445 or complete our online enquiry form and a member of the team will call you back at a convenient time.
Ideally, a partnership agreement should be prepared when you start a partnership. It is an essential document that should cover all scenarios concerning the workings and potential breakdowns of your business relationship between you and your partner or partners. It should also help avoid problems when the partnership ends.
Blackstone Solicitors are known for our efficiency, attention to detail and ability to get things done; qualities much needed when drafting a partnership agreement. We will provide professional, pragmatic advice based on our years of experience in this specialist area.
Our team will do all that is necessary to ensure you are properly represented in any negotiations and will put your interests first at all times. The partnership agreement in a business can be highly technical and can sometimes involve different areas of law and regulations; we can advise on all these areas and make sure you are in the best possible position for a successful outcome to your negotiations.
Why Legal Help is Important
It should be remembered that a partnership agreement can occur in companies of any size and in any industry.
The process can be complex and can be considered to be an incredibly important event that will have an impact on you and the business, both in the short and long term – it is therefore imperative that you have the best legal experts at your side, not only to ensure everything progresses as it should but also to make sure both you and your business benefits from the best possible outcome.
A partnership agreement is a contract between partners in a partnership which sets out the terms and conditions of the relationship between the partners. There are a number of factors to be considered and included in the document and these include:
- Percentages of ownership. and distribution of profits and losses.
- Description of management powers and duties of each partner.
- Term (length) of the partnership.
- How the partnership can be terminated.
- How a partner can buy his/her share of the partnership.
- What happens to shares on the death of one of the partners.
If you do not have a Partnership Agreement in place, your business will be governed by the general provisions of the Partnership Act 1890. Normally, these default provisions will not be considered to be desirable for you or your business.
The Act treats all partners as equals and can, therefore, lead to undesirable results. For example, under the Act, all partners have an equal say in the business which can lead to long and often unresolved disputes. Putting a partnership agreement in place will immediately override the provisions of the Partnership Act 1890 which allows all parties to take better control of their business. There are other advantages of having a partnership agreement drawn up. These include mitigating potential future costs associated with any disputes that may occur, establishing who is entitled to what in terms of profit and loss, setting out the terms of dissolution and incoming and outgoing partners and also the implications of liability attached to business decisions.
Whatever the structure of your company, we ensure full compliance with corporate laws and regulations, so that you can draw up a partnership agreement on a firm financial and legal basis.
We will work with you to ensure all financial, tax and legal aspects of the partnership agreement is properly addressed. We are able to assist with any aspect of this and will guide you through the technicalities in a clear and concise way. We have a team of experienced solicitors well versed in the process who are ready to assist you.
Get in Touch
Find out more about our services and how our corporate solicitors can assist you and your business by getting in touch. We have offices in Cheshire and London and are able to serve clients in London, across the North West, including Chester and Manchester, as well as throughout the UK and also overseas.