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Partnership Formations
Going into Partnership is a bit like getting married - you don’t always know what to expect and everyone has their own idea what it means.
Fosters can:
- Explain the pros and cons of Partnerships compared with other forms of trading
- Tailor an agreement to suit your needs
- Advise on existing Partnership Agreements
- Provide advice on retirement and dissolution
- Provide advice and support where there is an internal partnership dispute
- Advise and deal with external disputes and litigation
- Advise and assist with incorporation as a limited company
In the absence of a properly drawn up Partnership Agreement, the general law will apply.
Any of the following could occur which may not be what you want.
- If one Partner puts more money than the other(s) into the business, the law may still imply that profits are shared equally
- If you are a Partner on a salary, you will still be liable for damages or losses made by your Partners
- If one Partner dies or becomes bankrupt, the Partnership will automatically be dissolved and the assets distributed. If the Partnership is to continue, you may have to raise a large capital sum to pay to the Estate of the deceased Partner
- If there is a dispute or argument between Partners, or one Partner is acting improperly, everything may have to be sold and the business closed
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Call the department now directly on 01603 620 508
The Commercial Team
Tracy Guest
Head of Department
Rachel Appleton
Solicitor
Kathryn Drage
PA