Partnership Agreement Services
Partnership agreements can be complex; Getting them right is absolutely essential if you want to ensure your joint venture is built on solid, fair foundations. A partnership agreement in the UK is a voluntary contract forged between two or more parties, which allows them to put their money, labour and skill-set into a business. The partnership agreement then dictates that losses or profits will be shared equally between the participants.
Going into business can be an exciting time for partners, yet it is vital you do not lose sight of the ‘less exciting’ legal side whilst you plan for your future. Partnership agreements are absolutely essential in any business venture of this sort and will provide a solid anchor for your company through the good times and the bad.
At Howells Legal we understand you have many things to consider when entering a partnership and the legal side of proceedings might not be your priority. We strive to provide a fast, effective and efficient legal service which ensures your legal structures are firmly and correctly in place – allowing you to get on with the business at hand. With a commitment to clarity and efficiency, we work hard to make certain you are up-to-date and on-board with all of the work we carry out on your behalf.
A Quick Guide to Partnership Agreements in the UKThere are many issues that need to be considered when drawing up a partnership agreement in the UK. Partnership agreements vary widely from person to person but, as a general rule, the following factors need to be decided upon:
How long with the partnership agreement last for? Will it be fixed term or should it last for the lifetime of the partners? Will the termination of the contract be possible by the handing in of notice? Will the duration of the business be dictated by certain events such as bankruptcy, expulsion of a partner or death?
How will business assets (such as a business premises) be divided and used? Will they belong solely to one partner or will they be joint property of all partners?
How much initial capital should each partner provide? How will further necessary capital be arranged and sub-divided?
- Profits & Losses
What percentage of profit and loss should each party be responsible for? Will the involved parties be able to withdraw money on account of profits or only from actual, realised profits?
Where does the power lie in the partnership? Are all parties equal? Does one party have greater authority? How are voting right arranged? How will disputes be resolved between partners?
The Howells Partnership Agreements ServiceAs you can see, partnership agreements are not straightforward and creating a partnership agreement which works perfectly for you and your venture is not a process to cut corners on. Investing a little time and effort in the creation of this document will ensure you and your partners enjoy a secure foundation and a stable future.
At Howells Legal we work hard to ensure all of our services are clear, convenient and efficient. We strive to ensure our clients receive transparent, helpful advice which will stand them in good stead in the long-term.
To learn more about the Howells partnership agreement service, speak to one of our specialist commercial solicitors today.
For a free initial consultation or for further information on our partnership agreements, call 02920 404027 or email firstname.lastname@example.org today.
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