The Partnership Act 1890 applies to partnerships where there is no written partnership agreement. The Partnership Act is not suitable for all partnerships and you may wish for your partnership to be subject to different rights/obligations.
You may also wish for your partnership to be subject to different levels of profit/capital distribution than is provided for in the Partnership Act. If this is the case, a partnership agreement may be suitable for your business.
Partnership agreements can address a range of issues, including:
- decision making;
- profits/capital distribution; and
- procedures and mechanisms for dissolving the partnership.
Importance of Partnership Agreements
Providing written evidence of what has been agreed between the partners can reduce the potential for costly litigation fees if disagreements arise.
At Rotheras we understand that creating a partnership agreement might not be your main priority when going into business with other partners. That said, we suggest that partnership agreements are drafted at the earliest stage possible. The following factors typically need to be taken into consideration when drawing up a legal partnership agreement:
- how long will the agreement last for?;
- how will business assets be divided and used?;
- how much capital should be provided by each partner?; and
- what percentage of profit and loss is each partner responsible for?.
Why use Rotheras to draw up your Partnership Agreement?
If you already have a partnership agreement, we can review this and update it, or we can draft a new agreement for you to reflect any changes in your business.
We have a wealth of experience in drafting partnership agreements, whether you’ve recently entered into a partnership or have a well-established business and whether your business consists of two partners or numerous partners.
Our Commercial Litigation department can advise on any disputes that may arise between partners.
We will act swiftly and efficiently, keeping you updated on progress at all times.
We will work with you to listen to what you want to achieve from your partnership agreement.
We can help you with:
This was my first experience using a solicitor, something I felt quite daunted about. Rothera Sharp (Greg and Petra) put me at ease and were very helpful.
Last year I experienced a car accident, as a front seat passenger. I put forward a personal injury claim with Rothera Sharp. From start to finish, my claim has been dealt with efficiently and professionally, and I have always felt my best interests were considered. All communications were made via letter or email to inform me of all further updates. My claim has now come to an end and I am very happy with the overall outcome. I would recommend Rothera Sharp for their service.
We cannot recommend Chris Powell of Rothera Sharp more highly. Mr Powell demonstrated the upmost professionalism with a high level of knowledge of the area for which he was representing us. Anyone needing representation/advice regarding the area of haulage will find that Chris Powell and Rothera Sharp are the best choice.
Claim dealt with efficiently and to a satisfactory conclusion. Wayne Vickers visited me at home initially and explained everything thoroughly. Professional service throughout. Recommended
Jason specialises in all aspects of commercial law including company and business sales and purchases, commercial contracts, company secretarial, partnerships, shareholder rights and much more.
Billy advises businesses on a range of commercial and corporate issues and is happy to assist you with buying or selling businesses, corporate mergers and shareholder agreements
Millie Moreton is a paralegal in Rotheras commercial and dispute resolution departments and is based at our Lace Market office.
Cycling road safety during the second lockdown
The Prime Minister has announced that England are to be in a nationwide four-week lockdown to control the spread of Covid-19, from November 5 to December 2, as cases have spiked in recent weeks. Consequently, people are being told to stay at home, there is a ban on gathering with people you do not live with and the closure of non-essential business.
Posted on 11/17/2020