Partnership Agreement

If you run a business with at least one other person, and your business is not a limited company, then you should have a partnership agreement in place. That’s the case even for family-run businesses, which tend to have more informal arrangements.

A partnership agreement sets out how the relationship between the partners and how partners interact with each other. It will clarify important issues such as:

  • How profits are distributed
  • How decisions are made in the business
  • What happens when a partner retires or leaves the partnership
  • How you’ll deal with disputes between the partners

This service is for drafting a partnership agreement, in circumstances where the key terms of business are already agreed upon between the partners. If you would like a lawyer to review a partnership agreement that has been drafted elsewhere, in order to advise you on your risks and rights, please select our reviewing documents service.

What you will get from this service

After hiring an experienced lawyer for Partnership Agreement, you can expect:

A 60 minute consultation with your lawyer to align objectives. You’ll discuss

  • Who the partners are and their roles in the business
  • The ways in which you intend to share profits
  • The objectives you want to achieve with the agreement
  • Your specific questions about the agreement
  • The key information your lawyer needs from you to begin drafting the agreement
  • The default position under the Partnership Act 1980 if the agreement is not signed or you continue without a partnership agreement.

You’ll receive a professionally drafted partnership agreement.

What will this enable you to do

  • Protection for your partners and their investment in the business
  • Clarity on each individual’s roles, rights, responsibilities and obligations as partners in the business.
  • Evidence of what was agreed between the parties in the event of a disagreement. This will keep costs down if the disagreement escalates into a formal dispute.
  • Mechanisms by which to expel a partner from the business
  • Protection for your business in terms of restraint of trade clauses effective on outgoing partners

What happens after I hire a lawyer?

Onboarding - You send your lawyer proof of ID and address and your lawyer checks for conflicts. You send any relevant documentation to your lawyer. Your lawyer send you a client engagement letter to sign and return.
Personal consultation - Choose between a phone, online or face-to-face meeting with your lawyer
Draft documentation – Your lawyer sends you draft versions of the documents for you to review
Revisions and approval – You review the draft, provide comments if necessary, and request revisions. Your lawyer will provide you with another iteration, incorporating your changes as far as possible. Once you’re happy with the document, you approve the final version.
Leave a review of your Experience - Leave a review for Legal Drop and your lawyer

FAQ’s

What is out of scope for this service?

This service includes one meeting and one round of comments on your document, which your lawyer will incorporate. It does not include:

  • any further meetings, phone calls or emails.
  • negotiations between the partners or any third parties.
  • Any additional iterations of the document after one round of comments.

 

What happens if the scope changes during my matter?

Sometimes matters will evolve into something more complex than you and your lawyer first envisaged. Your lawyer will provide you with a fixed-fee quote for any additional work that is outside of the original scope.

What assumptions have been applied to the price quoted?
  • All partners to the agreement are based in England or Wales.
  • All partners agree on the terms of the agreement
  • You will provide all the information / documentation that your solicitor requests and requires in order to draft the agreement.
  • The information you provide in relation to your business is accurate, complete and comprehensive.
What happens if i'm not happy with the service?

If you are not happy with the service and you would like to make a complaint, you can:

  • Contact us. Our complaints procedure is here.
  • If you’re not satisfied with the way in which we deal with your complaint, you can complain to the Legal Ombudsman.
  • If you are concerned about a solicitor’s behaviour, you can raise a complaint with the Solicitors’ Regulation Authority.
What happens if I change my mind?

You can cancel the service at any time and for any reason within 14 days of purchase (the ‘cooling-off period’). If you cancel within 14 days of purchase, you will receive a full refund.

However, if you asked for services to be provided during the cooling-off period, we will keep the necessary funds to cover the cost of the services provided up until the time you cancelled.

If you want to cancel the services after 14 days, you will not be entitled to a refund.

Mark Niven
Mark Niven

I qualified as a solicitor in 2005 and have worked for firms including Eversheds, Brabners and Clark...

£695.00 +VAT

Sold By: Mark Niven
Name(Required)

17 years experience across

Health and Fitness
Logistics and Transport
Retail and Wholesale
Find a lawyer
Mark Niven
Mark Niven

I qualified as a solicitor in 2005 and have worked for firms including Eversheds, Brabners and Clark...

£695.00 +VAT

Sold By: Mark Niven
Name(Required)

17 years experience across

Health and Fitness
Logistics and Transport
Retail and Wholesale

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