Partnership Agreements

If you are in business and work in partnership you should always ensure that you have a properly drafted written partnership agreement in place. If you do not have a formal written agreement in place you are reliant on statute and this can often be vague and may not adequately cover the areas you would want it to.

We have been advising people in relation to partnerships and partnership agreements for over 200 years throughout Ormskirk, Burscough, Southport, Mawdesley, Wigan, Skelmersdale, Parbold and across Lancashire and Merseyside. Our specialist commercial solicitors will be able to help you with your partnership agreement or any issues you may be facing whilst in partnership.

A properly written partnership agreement can help avoid disputes between you and your fellow partners and will clearly spell out each partners roles, responsibilities and what is expected of them. If you are considering entering into partnership and wish to have a written agreement drawn up, these are some of the major issues you will need to consider:

Name of the partnership
Contributions to the partnership
Allocation of profits, losses and drawings
Partners authority
Partnership decision making (unanimity, majority vote etc)
Management duties
Admitting new partners
Withdrawal or death of a partner
Dispute resolution

These are just some of the main issues that you will need to consider and we would be happy to discuss these further with you and guide you through the process from start to finish. If you would like further information you can email David Lunn or call him on 01695 574 201.