Project Description

DONCASTER • GAINSBOROUGH • EPWORTH

Partnership Agreements & Limited Liability Partnerships

Partnership Agreements Key Facts

  • A partnership is created whenever two or more people carry on a business for profit;

  • Partners have unlimited liability for the debts of the partnership, appropriate and adequate insurance is therefore extremely important;

  • There is no registration process when forming a partnership;

  • Partnerships don’t have to publish their details or accounts; and

  • A partnership is not a separate legal entity from its partners.

Do you need a written partnership agreement?

If there is no written agreement then the Partnership Act 1890 will govern the partnership. It is unlikely this old Act will be appropriate for a modern business.

Partnership agreement key clauses:

  • Description of the partners old and new.

  • The commencement date of the partnership. Most partnerships are “at will”. This means that they will last unless and until someone serves notice to dissolve it.

  • The business of the partnership should be carefully described, and the procedure for modifying it.

  • The partnership name.

  • How income and capital are to be apportioned between the partners to reflect their levels of investment and involvement in the business.

  • Description of what is partnership property and what is the personal property of the individual partners.

  • The management structure and role of the partners in the business.

  • How prolonged absence of the partners is dealt with, and when a partner may be expelled.

  • Partners are not employees however many modern partnership agreements to have employee type rights to maternity and paternity leave rights to encourage a broader range of partners to invest in the business.

  • Restrictions on partners.

  • Death, retirement & admission of partners and the dissolution of the partnership.

Limited Liability Partnership (LLP) key facts:

  • The LLP has its own legal personality, separate from that of its members (partners);

  • An LLP is incorporated at Companies House, and its details and accounts published;

  • The liability of the members of an LLP is limited.

For more details on how we can support you or your business, contact our Corporate and Commercial Law team today.

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Your Corporate and Commercial Team

Andrew Best

Andrew Best

Andrew specialises in terms and conditions, offers pragmatic advice to help business owners manage risk and helps them to maximise the value of their contracts. Andrew is an experienced advisor to those buying, selling and investing in businesses with particular experience in the healthcare and manufacturing sectors.

Andrew can help you with:

  • Shareholder and Partnership Agreements
  • Terms and Conditions
  • Purchase and Sale of Companies and Businesses
  • Articles of Association
  • Agricultural Partnership Agreements
Sophie Allerton

Sophie Allerton

Sophie is a solicitor in the Corporate and Commercial department.

Sophie can help you with:

  • Terms and Conditions
  • Shareholder and Partnership Agreements
  • Articles of Association
  • Agricultural Partnership Agreements
  • Purchase and Sale of Companies and Businesses

Our Services

HSR Law Solicitors Doncaster Epworth Gainsborough
HSR Law Solicitors Doncaster Epworth Gainsborough
HSR Law Solicitors Doncaster Epworth Gainsborough
HSR Law Solicitors Doncaster Epworth Gainsborough
HSR Law Solicitors Doncaster Epworth Gainsborough
HSR Law Solicitors Doncaster Epworth Gainsborough
HSR Law Solicitors Doncaster Epworth Gainsborough
HSR Law Solicitors Doncaster Epworth Gainsborough

Free consultation

Many people like the opportunity to speak with a solicitor to discuss their legal position, to consider the options available to them and to clarify fees, before they decide what further steps to take which is why we offer everyone a free consultation.

Request a call back
HSR LAW Solicitors Doncaster Epworth Gainsborough
HSR LAW Solicitors Doncaster Epworth Gainsborough
Partnership Agreements Doncaster Epworth Gainsborough
HSR LAW Solicitors Doncaster Epworth Gainsborough