A partnership is a type of business where two or more individuals are in agreement to carry on a business, trade or other activity together and share the profits and losses between them. A Partnership Agreement (also known as a Partnership Deed or Deed of Partnership) is a business management and ownership arrangement between the participants in a Partnership (and, we recommend, the Partnership itself) that will regulate the way that a Partnership is controlled and trades. A Partnership Agreement supplements the implied legal position (e.g. under the Partnership Act 1890) and the engagement terms of its senior employees, and will have provisions dealing with:
- Management, including rights and responsibilities of the partners
- Admittance and expulsion of partners
- Partners’ involvement in other businesses
- Business ownership, especially “exit strategies”
- Investment terms, how profits are shared, how assets (including Intellectual Property like trade names) are divided, and who would be liable for any business debts
- Termination of the Partnership.
Our packaged internet-sold product assumes that our clients will have already understood the benefits and implications, will have decided to participate in a Partnership Agreement prior to their decision to buy our internet Partnership Agreement product. We can also advise on the matters mentioned in a bespoke retainer. Please Contact Us for more information.
There will also be other provisions applicable to the engagement of senior executives (e.g. their basis of engagement, hours of work, sickness and other policies) which would not normally be appropriate to be covered in an Partnership Agreement itself, but which may be very relevant to the overall structure of an enterprise. Accordingly you may also wish to consider our Contractor Contract and Employment Terms products.
You may also wish to consider our Company Incorporation, Shareholder Agreement, Share Option and EMI products.
How long will it take?
Our work from initial instruction to finalising the form of agreement generally takes about 7-10 working days. Special dispatch may be available where necessary at an extra charge.
Our work for you includes:
- Taking your instructions
- Drafting the Partnership Agreement
- A Guidance service.
Our work will be charged at a fixed fee of £575 including VAT.
Our fee applies regardless of how much work we actually do. In some cases this may mean we’ll get relatively better paid for doing less work than in other cases, in which the fixed fee will barely cover our costs. This is simply the nature of the mutual gamble between a solicitor and their client when they fix a fee.
More detail of all these matters will be outlined in our retainer letter which you will be able to review before you engage us, after pressing the “Buy” button on the website.
If you have any questions or require any further information, please don’t hesitate to Contact Us.