Partnership Agreements Disputes Lawyers in Liverpool & North West London

Partnerships can exist either by a formal partnership agreement or sometimes inadvertently. The Partnership Act 1890 defines a partnership as a group of individuals who carry on in business together with a view to making a profit. Therefore, there does not need to be a formal agreement for a partnership to exist although it is wise to have one.

Partnership agreements are formal documents which set out who the partners are and what rights they have including their profit share. It details voting procedures such as whether decisions can be made on a majority vote or whether they must be unanimous. Additionally, it sets out the rules for dealing with disputes and the process for removing a partner and ultimately how to dissolve a partnership.

If a partnership has arisen either inadvertently; simply by a group working together with a view to making a profit or by a group knowingly entering into a partnership but without a formal written agreement, then the rules on how a partnership is run and how disputes are dealt with is governed by The Partnership Act 1890.

It is important to obtain advise before entering into a partnership and it is always advisable to have an agreement drafted to tailor the terms to suit the partners as oppose to relying on the Partnership Act. Each partnership is unique and has its own distinct requirements and we can help talk you through the process and draft an agreement to suit your needs.

If you are already in a partnership and a dispute has arisen please call our team for advice. We would be happy to discuss your options and provide clear advice on the best way to achieve an outcome that is right for you.

Contact our Partnership Agreements Disputes Solicitors in Liverpool & North West London today

To speak to our partnership agreements disputes solicitors please call us today on 0808 164 0698 or complete our online contact form for specialist advice.