A partnership is a type of business where two or more individuals are in agreement to carry on a business, trade or other activity together and share the profits and losses between them. A Partnership Agreement (also known as a Partnership Deed or Deed of Partnership) is a business management and ownership arrangement between the participants in a Partnership (and, we recommend, the Partnership itself) that will regulate the way that a Partnership is controlled and trades. A Partnership Agreement supplements the implied legal position (e.g. under the Partnership Act 1890) and the engagement terms of its senior employees, and will have provisions dealing with:
- Management, including rights and responsibilities of the partners
- Admittance and expulsion of partners
- Partners’ involvement in other businesses
- Business ownership, especially “exit strategies”
- Investment terms, how profits are shared, how assets (including Intellectual Property like trade names) are divided, and who would be liable for any business debts
- Termination of the Partnership.
- Our packaged internet-sold product assumes that our clients will have already understood the benefits and implications, will have decided to participate in a Partnership Agreement prior to their decision to buy our internet Partnership Agreement product. We can also advise on the matters mentioned in a bespoke retainer. Please Contact Us for more information.
How long will it take?
Our work from initial instruction to finalising the form of agreement generally takes about 7-10 working days. Special dispatch may be available where necessary at an extra charge.
Our work for you includes:
- Taking your instructions
- Drafting the Partnership Agreement
- A Guidance service.