Where a number of people are trading as a partnership we advise putting in place a robust Partnership Agreement.
This helps to prevent disputes arising over the sharing of profits, or division of assets on retirement. Generally acting as a rulebook in case of dispute.
Where a group of people do not have a Partnership Agreement the law allows the use of the Partnership Act 1890. This allows for the imposition of rules to protect partners interests but can be a harsh way to settle a dispute. Whereas a Partnership Agreement can better reflect the wants and needs of a partnership.
Please contact Martin Gaffney for further information on 0113 282 7988.