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
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
What happens after I hire a lawyer?
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