Partnership agreements from £200 plus £35 VAT
Introduction
Our Partnership Agreement Instruction Sheet
The draft agreement
The final Agreement
Built in flexibility
To order your partnership agreement
Our Charges
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.