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At the core of any successful partnership lies a well-drafted partnership agreement. A partnership agreement is a binding contract that governs the terms and conditions between two or more individuals or entities who have agreed to work together to achieve a common goal. This agreement enables the partners to operate the partnership smoothly and effectively. Our team of experienced solicitors understands the importance of a thorough and tailored partnership agreement that covers all aspects of the partnership including contributions, allocation of profits and losses, decision-making and management structure, withdrawal or retirement procedures, and dissolution clauses.
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A partnership agreement is a legally binding contract establishing the terms and conditions governing the relationship between two or more individuals or entities who have agreed to operate a partnership. The agreement usually sets out a number of terms including the contributions made by each partner, how the profits and losses will be allocated, the decision-making and management structure, the procedure for withdrawing or retiring from the partnership and how the partnership may be dissolved.
It is important for business partners to have a formal partnership agreement in place to establish the rights and obligations of each partner, to prevent disputes or misunderstandings. Furthermore, without a partnership agreement, the partnership will be subject to the default rules and regulations of the partnership legislation. For example, if a partner dies and there is no partnership agreement in place, under the partnership legislation, the partnership would be dissolved. It is therefore important to have a written partnership agreement in place to specifically protect the unique interests of the partners and the business.
We will promptly arrange a meeting with you to take detailed instructions, advising you on the legal and commercial terms that you will need to consider including within your partnership agreement. Thereafter, we will draft the agreement in line with your instructions and will send them to you with a report explaining the practical implications of the included terms. A subsequent further meeting may be required to finalise the documents for signature and completion.
We can also assist with the incorporation of an LLP if the agreement is required for an LLP and not a general partnership.
Deputy Managing Partner
Solicitor
Please find below some FAQs regarding Partnership Agreements.
Whilst verbal partnership agreements are recognised in some jurisdictions, it is strongly recommended to have a written agreement to provide clarity on the terms agreed and avoid any disagreements or disputes.
The agreement will have to be signed by all partners and so if the terms are not agreed, the disagreeing partner may need to seek independent legal advice.
Please submit your information and a member of the Poole Alcock team will respond to you as soon as possible. If you have a quick question, please feel free to call 0800 470 0334.
We were recommended to use Poole Alcock and in particular, Monisha by our neighbours, who found her to be very approachable.
Throughout our relationship, from the initial meeting through to completion, the communications were always first class and easily understood. Monisha was knowledgeable in the subject we approached her with and was quickly able to conclude the documentation and business we had.
I would not hesitate to recommend Poole Alcock, and Monisha herself, if asked.
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