At London-based Adam Bernard Solicitors, we understand that business partnerships can optimize your business’ performance. However, without set terms, the relationship could become complicated and strained which could have negative effects on your business. A Partnership Agreement is a contract between parties in a commercial partnership which aims to mitigate these potential problems.
There are some key differences between a business partnership and a limited company. A limited company is a more complex structure than a straightforward partnership. They are typically run by shareholders and directors. The directors typically handle the day-to-day running of the business, and shareholders hold the financial responsibility. On the other hand, within business partnerships, the partners more straightforwardly share joint responsibility for the losses and profits of the business, as well as the running of it.
Partnership Agreements may include information, such as:
- Percentages of ownership,
- Length of partnership,
- Duties of each partner,
- Handling of death or withdrawal of a partner,
- And the procedure to resolve disagreements.
Why Adam Bernard?
At London-based Adam Bernard Solicitors, our expert Commercial Contract Lawyers can mitigate potential problems that may arise by clearly outlining the practical day-to-day responsibilities of each party, as well as addressing the procedure for any potential issues that could arise. In this way, it is our aim to promote a healthy working environment to avoid any disputes or disagreements. Further these agreements will be drafted with your specific business in mind, to create terms and clauses that are most commercially suited to your business and partnership.
For directors’ agreements see: Directors’ Service Agreements.
We can also review and advise on agreements you are being asked to sign, renegotiate new terms on existing agreements and contracts or draft entirely new contracts.
For more information, please get in touch with our experienced Commercial Contract Lawyers on 0207 100 0505.