If you are carrying on a business with another person or some other people with a view to profit, then you are in partnership.
Partnerships agrements experts
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.
Do you need a Partnership Agreement even if your partners are family members?
Commercial disputes are becoming increasingly common, but for a business they can be a real headache, potentially costly and inevitably time consuming. If you find yourself caught up in a dispute, it’s vital you have the right legal expertise on your side, to minimize the impact on you and your business.
At Harding Mitchell, we have considerable experience in resolving disputes across a wide range of industries and sectors – and truly understand the challenges and commercial implications of such actions on a business. We also know the importance of reaching a positive outcome as swiftly as possible.
Whether you need to bring a claim or defend a commercial dispute, our specialist commercial litigation team will provide you with expert advice and guidance, however tough, challenging or complex the situation.
Your Partnership Agreement
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:
- The amount of capital contributed by each partner.
- What to do if a further capital contribution is required.
- How profits and losses are distributed between the partners.
- The duties and powers of each partner – who can make decisions? What is expected of each partner?
- Do they have to devote a certain amount of time to the business? Are there any restrictions on what they can do outside the partnership?
- How often are meetings held and who can vote at meetings.
- Employment issues such as holiday, benefits, maternity leave and so on.
- Whether somebody new can join the partnership and if so, how they go about doing so.
- What happens if one of the partners wants to leave the partnership or if one of the partners dies?
- What happens if the partners disagree on an issue?
- Are there any restrictions imposed on the parties in respect of confidentiality?
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