DRAWING UP A WRITTEN AGREEMENT
A Partnership is a business run by two or more people with the aim of making a profit. It is very simple to set up a Partnership in that no application needs to be made to Companies House, nor an appointment of directors or allocation of shares.
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If operating as a partnership rather than as a company, it is important to ensure those involved are protected. A formal partnership agreement can provide this protection along with certainty of dealings with between the partners.
Partnerships are relations between two or more parties carrying on a business in common with a view to making a profit and those relations will be governed by the agreement between the parties. These can be written or unwritten, express or implied, however the key feature is the continuing personal and commercial relationship which can be set out in a partnership agreement.
Our experts at Taylor Rose understand that some businesses work better as a partnership, while others prefer the greater degree of flexibility offered from this model over that of an incorporated company.
Partnerships can be general, based on the Partnership Act 1890, or established with limited liability under the Limited Liability Partnerships Act 2000. In either case, having a formal written agreement in place is a sensible business decision to make and our advisors can help you put in place appropriate documentation whichever route you follow, as well as providing guidance on the different forms of partnership.
A partnership agreement sets out the relations between the parties, how profits and losses are shared, the partners’ respective duties and powers, how to deal with goodwill, restrictions on setting up competing businesses, voting rights, holiday entitlements and can encompass many other items. Importantly, the agreement will also provide for how partners can exit the partnership and what will happen if any new partners wish to join.
Equally, having a written agreement can also reduce the possibility of disputes because the partners will have negotiated and agreed the terms on which they operate at the outset.
If you are operating as a partnership, or thinking of setting up as one, we offer the following services:
- Advising on appropriate partnership form, be it general or limited liability partnership
- Drafting of new partnership agreements – including farming partnerships;
- Review and updating existing agreements; and
- Advising on partnership admission, withdrawal and dissolution.
For more information on how we can assist with protecting you and your business, please contact us at firstname.lastname@example.org
IT IS ALWAYS ADVISABLE THAT A WRITTEN AGREEMENT IS DRAWN UP
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