Partnership Agreement
If you are carrying on a business with another person or some other people with a view to profit then you are in partnership.
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If you are carrying on a business with another person or some other people with a view to profit then you are in partnership.
If you do not currently have a formally documented Partnership Agreement to regulate how you as partners interact, then you are not alone. Many businesses, particularly family run businesses, do not bother with Partnership Agreements. This can lead to difficulties and can often be a costly mistake. Having a formal Partnership Agreement can benefit you in so many ways:
If you do not have a Partnership Agreement in place, your business will be governed by the general provisions of the Partnership Act 1890. More often than not, these default provisions will not be desirable for you or your business.
Some examples of provisions contained in the Act are listed below:
If these default provisions are unsuitable for you (which in most cases they will be) it is vital that you have a written Partnership Agreement setting out the terms that have been agreed between you and the other partners.
Your Partnership Agreement can be drafted at any time – it does not matter if you have already been in business for some time.
We will be able to help tailor your Partnership Agreement to meet the needs of you and your business.
Some of the most common issues addressed are:
Yes. Many family run businesses consider it unnecessary to have a Partnership Agreement when they know and trust the people they are in partnership with so well. In fact, it is on these such occasions when it really is crucial that a Partnership Agreement is in place.
The last thing a family wants is discord between family members caused by disagreements regarding work or money. A Partnership Agreement can minimise the potential for conflict and the resentment and family problems it may create.
If you require a Partnership Agreement or have any further questions to ask about partnerships, then do not hesitate to contact Marina Maclennan or Ciaran Keane on 0117 929 2811.
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