The Partnership 1890 defines partnership as the relationship that subsists between persons carrying on a business in common with a view of profit.
Partnership is like a marriage. Everything is lovely until things start to go wrong.
Many people carry on business together without a formal Partnership Agreement. That's perfectly fine when things are going well and no-one is falling out. But if things go wrong and you no longer see eye to eye with your partner, that's when you'll wish you'd had a partnership agreement drawn up so that you both know where you stand.
Here at Alker Ball Healds we can prepare a Partnership Agreement formalising all aspects of the Partnership including:
- Profit and loss sharing
- Capital investment
- Partners' roles and responsibilities
- Retirement of a partner
- Ending of the partnership
As partners come and go and the Partnership develops we can review and update your Partnership Agreement to make sure that it is still suitable for your business needs.
When drawing up Partnership Agreements we will usually agree a fixed fee with you so that you know exactly where you stand so far as legal costs are concerned.
If you would like to discuss a Partnership Agreement with us please phone our specialist team on 01942 246241.