Business Partnership Agreements
The relationship between partners is usually regulated by business partnership agreements. Business partnership agreements are usually drawn up with the assistance of a Solicitor.
Our multi-disciplinary business services team is able to provide you with specialist guidance tailored to your business' requirements when setting out business partnership agreements.
Lees Solicitors will work in close partnership with you to gain a clear understanding of your business, to resolve legal problems and to avoid potential pitfalls when creating your business partnership agreements. Dealing with a variety of corporate, commercial and regulatory issues can often conspire to make life difficult for businesses, large and small.
Lees Solicitors understand that you need us to cut through the jargon. We will provide pragmatic advice and straight forward documentation, tailored to your organisation when creating your business partnership agreements.
Our wide range of business services for individuals thinking about setting up in partnership or seeking advice in relation to an existing partnership include:-
- Partnership formation
- Partnership agreements
- Limited liability partnerships
- Liability and dissolution
- Taxation
What are business partnership agreements?
Business partnership agreements will be construed according to normal canons of construction, so that a court will construe a partnership agreement in the light of partners' objectives, and terms may be implied by the court to give the agreement business worth.
Business partnership agreements are usually in writing, but, even so, may be varied orally; we would always recommend getting advice from a qualified professional before deciding which route to take.
The principal matters which are commonly governed by business partnership agreements are:-
- The firm name
- Duration of partnership
- Capital required
- Provisions in cash or other assets
- Firm bank account
- Terms to be observed during partnership can include -
- sharing of profits and losses, assignment of duties and management, arbitration etc.
- Powers of individual partners to bind the partnership
- Extent of liabilities of partners
- Expulsion and retirement from the partnership
- Dissolution of the partnership
Provision may be made for the dissolution of the partnership after a fixed length of time (e.g. end of lease) or the bankruptcy, retirement or death of a partner.
Business partnership agreements can also include the restriction of ex-partners from competing with the firm.
The remaining partners may be required or given an option to purchase the share of a deceased or retiring partner, in which case the business partnership agreements may provide for an indemnity against partnership liabilities including income tax.
Business Partnership agreements with our Business Services Team
Our business services team provides assistance and advice to businesses, companies and individuals. If you are thinking about setting up a partnership or seeking advice in relation to an existing partnership, our team is fully equipped to assist with your requirements.
