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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Peter qualified with his LLB degree from the University of Liverpool in 1973 and then started working at Jobling & Knape (now JWK Solicitors) in 1974 as an Articled Clerk.... Read more
Clare started work at JWK Solicitors in 2004, after completing her LLB at Oxford Brookes University and her LPC at Nottingham Law School. She works within the Commercial... Read more
Maria has worked at JWK Solicitors, and previously Jobling & Knape, since 1981 when she was first employed as a Legal Secretary. In 1993 Maria qualified as a Chartered Legal... Read more
Elaine works within the Commercial Department at JWK Solicitors and is a Graduate of the Institute of Legal Executives. Elaine gained her G.Inst.L.Ex qualification in 2011... Read more
Emma Snell qualified as a Solicitor in 2008, graduating from the University of Sheffield with a BA (Hons) in Law and Spanish before going on to complete her Legal Practice... Read more
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The figures, released by the government, cover the period up to 31 March this year.