Partnership

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
• Contract disputes
• Negligence claims and professional negligence claims
• Insolvency disputes

Frequently Asked Questions

1. What happens if I do not have a partnership agreement?

2. 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

The Partnership Team

Adrian Newborough

Solicitor

Email
About Adrian Newborough

Partner

Tracy Guest

Solicitor

Email
About Tracy Guest

Partner