Partnerships are one of the most common types of businesses in the UK and many exist informally, without a legal agreement between the partners. Failing to make a partnership agreement can cause confusion, slow down decision making and increase the risk of disputes, so it is strongly recommended to make a formal agreement as soon as possible.
At Clifton Ingram, our highly skilled partnership agreement solicitors can help at any stage of your business journey. Whether you are just starting out, looking to formalise an existing relationship, need advice on taking a decision or require some help resolving a dispute, we can provide clear, pragmatic advice and representation when you need it.
Our experts can also help with foundational documents for other business structures, such as shareholders’ agreements.
For immediate support, please contact our team or you can read our FAQs to learn more about partnership agreements.
Our team
Our UK partnership agreement specialists can offer you:
- Our expertise as one of the leading law firms in the Thames Valley and M3 Corridor
- Strong rankings in respected client guide The Legal 500, recognising us as some of the best solicitors in the region
- Decades of experience helping partnerships to manage their agreements
- A broader commercial perspective so you can ensure the terms of the agreement for your partnership give your business the best chance of success
- A personal business legal service tailored to your unique requirements
Our expertise with partnership agreements
Our team can assist with matters related to partnership contracts, including:
- Drafting partnership agreements for general partnerships, limited partnerships and LLPs
- Reviewing and advising on terms
- Guiding you through your options for taking specific actions within the framework of a partnership agreement
- Amending and updating partnership agreements
- Ending a partnership agreement
Contact our partnership agreement solicitors in Farnham, Reading and Wokingham today
Our team work from offices in Farnham, Reading and Wokingham. We advise on UK partnership agreements for businesses all over Berkshire, as well as Oxfordshire, Buckinghamshire, Surrey and further afield.
Speak to one of our experts today by calling 0118 978 0099 or using the contact form at the bottom of the page and we will respond quickly.
Learn more about partnership agreements
- What is a partnership agreement?
- When is a partnership agreement needed?
- Who writes a partnership agreement?
- Can a partnership agreement be updated?
- What are the consequences of not having a partnership agreement?
What is a partnership agreement?
A partnership agreement is essentially a contract between business partners that sets out how the partnership will operate. It is also sometimes referred to as a ‘partnership contract’.
The agreement will normally cover issues such as how the business will be organised, how decisions are made and how profits will be shared. Partnership agreements are private documents, so their contents do not need to be known to anyone other than the partners.
The type of partnership you have will affect the terms of the agreement. The requirements for a general partnership agreement or limited partnership agreement will differ significantly from those of an LLP partnership agreement, so it is important to get specialist legal advice tailored to your circumstances.
When is a partnership agreement needed?
It is not a legal requirement to have a partnership agreement but it is strongly recommended, even if you are entering into partnership with a family member, friend or someone you have worked with for years.
Key benefits of partnership agreements are that they can provide all partners with certainty over their rights and responsibilities, they can reduce the likelihood of disputes and they can set out how any disputes that do arise should be resolved.
Who writes a partnership agreement?
Theoretically, you can write a partnership agreement yourself or use a preexisting template, but this is very risky. It is important that the agreement is tailored to your business and personal requirements, with no details overlooked. It is also sensible to have the terms explained to you by a specialist commercial contracts lawyer to make sure you understand them and how they would apply in different situations.
For these reasons, we strongly recommend having your partnership agreement written by a specialist solicitor with specific experience in these matters. It is also a good idea for each partner to have independent legal advice before signing.
Can a partnership agreement be updated?
Yes, a partnership agreement can be updated although the agreement of all partners will usually be required in order for this to happen. It is a good idea to review your agreement regularly to make sure it still reflects the needs of the business and the partners’ views.
What are the consequences of not having a partnership agreement?
It is very risky to have a business partnership without a legal agreement in place as it can leave significant uncertainty about issues such as the partners’ rights and obligations, how decisions should be made and how profits should be shared. For example, if there is no agreement, then the default position under the law is that the business’s profits should be split equally between all partners.
Failing to get a sound partnership agreement in place seriously increases the risk of disputes and, if conflict does arise, it can make it much harder to find a solution. Because a partnership agreement will normally set out a process for resolving disputes, not having this can make it more likely that a dispute would cause the end of the partnership and increase the risk of contentious court proceedings being entered into.
Our partnership agreement solicitors’ fees
Having the right agreement for a partnership can be highly valuable, but the terms have to be right. For this reason, you must weigh the cost of the legal support you seek with the value an agreement can bring. To assist with making this decision, we can provide a clear, upfront quote while also explaining the benefits of our expertise.
For some matters we can offer fixed fees and, where this is not possible, we will endeavour to provide a realistic fee range so you have a clear picture of the likely costs involved.
To find out more about our partnership agreement advice fees, please get in touch using the contact details below.
Contact our partnership agreement solicitors in Farnham, Reading and Wokingham today
At Clifton Ingram, we can support you with all of your business legal needs, including in relation to business partnership agreements. Our Corporate & Commercial Team can help you build your partnership on a strong legal foundation that sets you up for success while properly managing your risks.
As one of the leading firms of solicitors in the Thames Valley and M3 Corridor, through to Surrey and surrounding areas, we regularly advise clients across the South East, including Berkshire, Hampshire, Oxfordshire, Surrey, Wiltshire and London.
Speak to one of our team today for partnership agreement advice on 0118 978 0099. Our solicitors will move fast to find a solution personal to you.
Alternatively, talk to someone now via our .