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Business Contracts - Partnership Agreements

Partnership agreements are slightly different to shareholders agreements as they relate to businesses of a different structure to companies, however, many of the key provisions are similar. A successful partnership is built on trust, and as long as the partners each know their respective responsibilities the business can move forward efficiently.

Where partnerships are concerned, we always advise that a properly drafted partnership agreement should be put in place to prevent disputes further down the line – as with most things in life, prevention is better than cure!

All of the potential partners in a business should meet and discuss the following:

  • The name of the partnership
  • The contribution of each partner in terms of finances and assets
  • The duties of each partner
  • Any relevant ownership percentages
  • Accountability
  • Risk allocation
  • Profit allocation
  • External work and conflicts of interest
  • Insolvency
  • Restrictive covenants
  • Decision making
  • How new partners can join and how old partners can leave
  • Management provisions
  • Confidentiality and intellectual property rights

Once you have given some thought as to how the internal structure of your business is going to work, we can help you put together a robust partnership agreement to make sure that everything goes as smoothly as possible from then on.

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