Partnership
Getting Started
Partnership
Two or more people can go into business together as partners and begin trading. However, what happens when the partners disagree? Arguments can happen, even when the partners are friends or family. To try to avoid problems as far as possible, it is important to set out at the beginning the rules governing what each partner can or cannot do. The best way to achieve this and prevent disputes is to draw up a partnership deed that is signed by each of the partners.
Borneos can help you by preparing a partnership agreement tailored to your particular business and circumstances. This should give each of the partners peace of mind and help to prevent future disputes by setting out the procedures to be followed if disagreements occur or when one party wants to leave the partnership.
You should be aware that if a trading partnership does not have a formal written partnership agreement it will be considered a “partnership at will” under the Partnership Act 1890. One of the implications of this is that, in the event of death or bankruptcy of one of the partners, the partnership is then automatically dissolved!
If you would like to discuss how we might help you, please:
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call any of our office numbers listed at the bottom of this page;
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contact one of our specialists direct by clicking on their name below; or
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complete our enquiry form
Members of our team specialising in this area:
