Partnership Agreements

Whatever form of business partnership you are involved with, a well thought out and drafted partnership agreement is strongly recommended.

A partnership can be formed by express agreement but can also be implied by conduct and this is surprisingly common with very small businesses started informally where little consideration has been given to legal structure or risk.

If you are thinking of going into any type of business partnership, we can help with :-

• Drafting a partnership agreement – including farming partnerships, professional services, medical partnerships;

• Review and updating of any existing partnership agreement;

• Joint Ventures.

• Advising on any new partner admission.

• Partnership disputes especially where one partner or both have personal liability.

• Dissolution of a partnership

Key clauses in a partnership agreement

A partnership agreement should include :-

• how profits and losses are shared

• duties and powers

• restrictions on setting up competing businesses

• cross indemnities

• how partners can exit the partnership and what will happen if any new partners wish to join.

• dispute resolution mechanism

For more information on how we can assist with protecting you and your business, please contact us.