A partnership can be a very effective business model, allowing you to pool your knowledge and resources. However, it is essential to get the business relationship on a sound footing while ensuring decisions and issues can be dealt with quickly and effectively.
Our partnership agreement solicitors can assist in forming and managing business partnership agreements. We can help to get the right legal framework in place, so your business can operate smoothly, minimising the risk of any disagreements or other issues that could hurt your enterprise.
Our solicitors have worked with a wide range of to clients cover all types of partnerships and scenarios, from those more straightforward to others more challenging. No matter your situation or circumstances, our team has the expertise to assist with partnership agreements in Stafford and Rugeley.
Expert advice ensures better relationships between business partners
When you enter a partnership, it’s crucial to have a high-quality partnership agreement with the assistance of a skilled professional.
Our partnership agreement solicitors are skilled and experienced in all aspects surrounding the following:
- Providing advice on partnership agreement terms
- Drafting a partnership agreement
- Amending an existing partnership agreement
- Partnership agreement dispute
Get expert help from our partnership agreement solicitors in Stafford & Rugeley
For tailored legal advice on business partnership agreement matters, please get in touch with our solicitors for partnership agreements in Stafford and Rugeley.
Our partnership agreement services
General partnership vs limited partnership
One of the first decisions you will need to make when forming a business partnership is what type of partnership it should be. There are several different options:
- General partnership – where two or more general partners share all of the business’s assets, profits and losses
- Limited partnership – where, as well as one or more general partners, there is also one or more limited partners who invest in the business but are not involved in the day-to-day running and are not personally liable for any losses
- Limited liability partnership (LLP) – where the partners do not have personal liability for any losses but can be involved in the day-to-day running of the businesses
- Joint venture partnership – where a temporary partnership is formed by two or more individuals or businesses to share resources for a specific project
A partnership agreement is recommended for any of these types of partnerships, but it is particularly important to get a limited partnership agreement or an LLP agreement if you are forming either of these types of partnerships.
Advice on partnership agreement terms
If you are planning to join a business partnership and have been presented with a partnership agreement, we recommend seeking expert legal advice. You will need to thoroughly analyse the terms of the agreement to make sure it does not negatively impact you.
Our solicitors can walk you through the terms of the agreement, explaining anything that doesn’t make clear sense to you and ensure it’s in your best interest.
Drafting a partnership agreement
Before entering into a partnership, it’s important for all parties to consider having a partnership agreement contract in place. A partnership agreement will need to lay out the rights and responsibilities of each party, including their individual duties.
Our solicitors can assist with drafting a partnership agreement in Stafford and Rugeley. We know exactly what needs to be included in an agreement and will ensure all important aspects are laid out.
Amending an existing partnership agreement
Circumstances change quickly in business, but that doesn’t mean your partnership agreement shouldn’t be able to change too. It’s important that your established agreement is fit for purpose and our team of specialists can ensure this is the case.
Should you need to make any adjustment to your current partnership agreement, our solicitors can assist you with the process, guiding you step by step and ensuring everything has been done efficiently and meets your needs.
Partnership agreement disputes
While having an already established partnership agreement in place is beneficial, it doesn’t necessarily mean that all partners will be happy with the set terms or whether they will be adhered to.
For this reason, breaches of partnership agreements can occur. This can have a detrimental impact on you personally but also on the business and its everyday operations, including time and money, which can be harmful to the business’s future.
Our solicitors have lots of expertise with disputes between partners concerning partnership agreements and will always attempt to resolve matters in an amicable and non-contentious way. This can include alternative dispute resolution (ADR), such as negotiation and mediation.
Partnership agreements – key things to know
What is a partnership agreement?
To put it simply, a partnership agreement is an agreement which is put in place when two or more people want to enter into a business partnership.
The agreement will set out a number of important aspects of the partnership, including each partner’s responsibilities and other matters that need addressing, such as resolution steps if an unforeseeable dispute occurs in the future.
If there is no partnership agreement in place, the Partnership Act 1890 will come into play.
What should a partnership agreement include?
It’s imperative to make sure that every important aspect is deliberated during the drafting of an agreement. This ensures that your needs and the business’s best interests are met.
Examples of what should be included in a typical partnership agreement include:
- Who the partners are
- What duties, roles and responsibilities the partners have
- The investments each party has made into the business
- How profits and losses will be shared
- How shares are divided between parties
- How disputes will be resolved
- Termination and winding-up
Why should a partnership agreement be in writing?
There are many reasons why a partnership agreement should be in writing, most importantly, due to the protections it provides those in the partnership.
Benefits of a partnership agreement include:
- The partnership will not be governed by the Partnership Act 1890. It’s always the partners who have complete control and management
- Conflicts can be easily resolved
- Important issues can be agreed upon in advance
- Protects both the business and partner’s interests, including investments into the partnership
- Protects minority and majority owners
Is a partnership agreement a legal requirement?
While the law does not necessitate individuals who are in a partnership to have a partnership agreement, it is always recommended to have one.
Without a partnership agreement in place, the Partnership Act 1890 will rule your partnership, including if you are confronted with any type of dispute during the partnership period. The Act was written a considerable time ago and does not meet the needs of most modern businesses. What this means is that the Act may not suit all partnerships and is another reason why it’s incredibly important to consider an agreement.
Why choose Pickering & Butters for partnership agreements?
Dedicated expertise in partnership agreements
Our solicitors are experts in partnership agreements, having worked with a wide range of clients with various circumstances. When you choose to work with our solicitors, you can be confident you are receiving a bespoke service, with solicitors who care.
We take pride in having received the Law Society Lexcel accreditation. This has been awarded to the team at Pickering and Butters for our exceptional client care and the general management of our practice.
Strong commercial focus
At Pickering and Butters, we understand how important the success of a business is, and that starts with a strong partnership agreement preparing you for the future of your business and partnership.
Personal service every step of the way
We believe in creating long lasting relationships with our clients, and we do this by providing close personal support at each step of the process.
Our partnership agreements fees
At Pickering and Butters, we believe it’s important that our service is reflected in the price we offer. That’s why we are committed to providing a top-quality service throughout, as it’s important our clients receive a bespoke service from professionals.
If you need assistance with a straightforward business partnership agreement in Stafford and Rugeley, such as providing advice on the agreement terms, we may be able to provide our fees on a fixed fee basis.
We recognise some partnership agreement matters are more complex and need additional assistance and legal expertise. For situations like these, we may need to charge an hourly rate.
So that you are completely aware of what to expect, we will always advise you of the costs prior to carrying out work.
For more general information about our llp partnership agreement legal fees, you can take a look at our pricing.
Get in touch with our partnership agreement solicitors
For tailored legal advice on partnership agreement law, please get in touch with our solicitors in Stafford and Rugeley.
