What is a Partnership Agreement and why do I need one?
If you are going into business with another person, or group of people, it is important that you put together a Partnership Agreement to make sure everyone understands their rights and responsibilities and to detail how disagreements will be handled should they occur, avoiding costly and damaging legal disputes in the future.
What should I include in my Partnership Agreement?
Your solicitor will be able to provide advice and guidance about what specific information you will need to include in the contract, but most will include the following content:
- Name of the partnership
- Contribution split of finance, property or services to the business
- Allocation of profits and losses
- Authority and decision making
- Management of the company
- Bringing in new partners
- Resolving disputes
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