Partnership agreements

Partnership agreements from £200 plus £35 VAT

Introduction
A partnership can be set up by any two or more people agreeing to go into business together. The partners do not have limited liability, and each partner is potentially liable for all the debts of the business. There is no legal requirement to register the business, except for tax and VAT purposes, or to draw up a formal partnership agreement.
There are, however, some very good reasons why the partners should have a partnership agreement. Without such an agreement, there is no proper record of some very major questions, such as who owns the business, who is entitled to the profits and, who is liable for the losses, as well as many less basic, but still important, matters. The lack of an agreement is most important if the partners should fall out, or if one of them wants to leave or should die. Without a partnership agreement, very real disputes can arise, which can only be resolved with expensive litigation. While the business may have been very small when it was started, if it has become successful and so is valuable, there is increased scope for disputes.
Our partnership agreement is a detailed legal contract that covers all the usual arrangements for a trading partnership. So far as possible, it is in plain English and comes with a built in system for keeping it up to date.

Our partnership agreement instruction sheet
We ask our clients to complete our partnership agreement instruction sheet to give us all the details we need to draw up the agreement. Much of the information is straightforward, such as the parties' names and addresses, profit shares, name of the business, etc. Where the issues are a little more complex, our notes should provide enough guidance. If you need any assistance, please contact our expert and friendly staff. .

The draft agreement
We use the information you provide on the instruction sheet to prepare a first draft of your agreement. We will send this to you (usually by email) for you to review, so that we make any amendments you need, or raise any questions or comments. Again, please feel free to contact us for help at this stage, if you wish.

The final Agreement
Once we have your approval of the final draft, we will provide you with one copy for each partner, plus two spare copies and instructions for signing the agreement.

Built in flexibility
Because things change from time to time, your partnership agreement will provide a simple procedure so that it can be kept up to date. This allows important matters to be agreed from time to time. It also provides a means for provisions in the agreement to be changed when the need arises, but only if agreed by all the partners. Each partner's copy of the agreement contains pages for recording and signing such decisions, a very useful long term feature. We also provide a checklist of matters the partners should decide both when the agreement is first signed and at regular intervals.
The result is a practical framework for your partnership, providing clarity and certainty on the essential arrangements between the partners.

To order your partnership agreement
Complete out partnership agreement instruction sheet and email it to us as an attachment.

If you require any further information, please contact us.

Our Charges
 Standard partnership agreement, as described above: £200.00 plus £35.00 VAT. Major variations on the agreement are seldom necessary, but may incur an additional charge. Any such extra charge will be agreed between us before any work is undertaken.

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