While the Partnership Act 1890 governs partnerships generally, it leaves many important questions as to how the partnership is to be run to the partners themselves. Typically, such decisions are recorded in a partnership agreement.
There is no statutory requirement to register (or even to have) a written partnership agreement, but such an agreement is essential in practice. Without one, many major details will go unrecorded, such as the proportions in which the members own the business, who is entitled to the profits and who is liable for the losses, and other important matters. Without a partnership agreement, very real disputes can arise, especially on the death or departure of a partner, which can only be resolved with expensive litigation.
Such problems can be avoided entirely by having a partnership agreement drafted. Our service is fast, reliable and provided at low cost.
Further reading on the Partnership Act 1890 can be found here.
Our standard partnership agreement provides an agreement that is suitable for a small trading business, setting out the essential matters which need to be covered.
Our bespoke partnership agreement allows you to specify what provisions the agreement should contain, and is suitable for all trading partnerships. We ask what issues are important to the various parties, advise on typical issues and solutions and present a draft agreement for approval typically within a few working days of taking instructions.
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