If you are setting up a new business with partners, or if you are a sole trader intending to take on one or more partners, it will be important to have a legally binding agreement detailing each person’s responsibilities and rewards.
The Partnership Agreement also needs to be as comprehensive as possible about what will happen in possible eventualities.
A very astute and experienced business person would not contemplate drawing this up without the help of a specialist legal professional.
How we can help
Feeling anxious about setting up a new partnership or introducing a partner to the business you’ve been operating alone?
At John Hodge Solicitors, your specialist commercial lawyer will first sit down with you to find out about your business and how to tailor the agreement, covering:
- The title of the partnership i.e. name of the business
- The best structure of partnership relationships
- Who invests what and what profit share each partner gets
- Partners liabilities for losses
- What drawings each can make
- Who makes what decisions
- Whether any partner can make commitments for the business on their own
- What management duties each partner has
- Whether, when and how new partners can be admitted
- What happens if a partner leaves or dies
- How disputes will be resolved.
Only then can it be drafted to fully protect the interests of the business.
Why use John Hodge Solicitors?
It is always safer to use a professional legal service when drafting legal documents. At John Hodge Solicitors our lawyers are not only technically experienced and experts in their field, but will also be committed to tailoring their service to fit your specific needs.
You won’t get this from a standard document pack purchased for its cheapness or for that matter, a firm that doesn’t take a vested personal interest in its clients.
Don’t risk costly trouble ahead. The service you will receive from John Hodge Solicitors will include:
- A friendly, approachable lawyer who will seek out your vision and your passion for your business, and make the agreement fit
- Advice on the structure of your partnership, and the benefits of it being full or limited
- All what if scenarios covered
- An agreement drafted or confirmed in accordance with the Partnership Act, or the Limited Partnership Act, as appropriate
Call us TODAY to discuss your Partnership Agreement We are upfront with our costs and straightforward with our advice. Can your partnership afford not to contact us?