Partnership Agreements
When you go into business with another person whether you realise it or not you almost certainly have formed a partnership. This informal partnership will be subject to the default provisions of UK partnership law which will govern the most important aspects of the partnership including:-
- How the profit of the partnership is split
- How the losses of the partnership are split
- How much voting right each person has
- And how the partnership is to be terminated
The laws relating to the above often do not reflect the intentions behind most partnerships. Furthermore there may be other aspects of your partnership which are not governed by these considerations but are commercial considerations, and the position on these will not be governed by any law.
If you do not want your partnership to be governed by the default provisions of UK Partnership Law it will be necessary for you to have a formal Partnership Agreement in place and our Commercial Solicitors at Myers Lister Price Solicitors are able to provide you with the proper legal and commercial advice to allow you to decide upon the terms of your Partnership Agreement and we draft an appropriate agreement for you.
