Our Commercial Solicitors will Provide Jargon-free Agreements
Starting a new business is hectic and exciting. There are all sorts of things to think about – which makes it all too easy to overlook the legal aspects of the venture, including the all-important ‘partnership deed’. Having a professional, watertight agreement from the outset will give everyone peace of mind. It will also make it easier to run the business and make important decisions in the future. Scott-Moncrieff’s highly experienced commercial contracts lawyers have drawn up partnership deeds for partnerships across a huge range of industry sectors. Our commercial solicitors cut out the jargon to present clients with the pros and cons of different types of arrangement in a clear and concise manner.
Partnership deeds in England
It’s a legal document covering the arrangements between people entering into a general, limited or limited liability partnership. A partnership deed is the same as a partnership agreement.
The legal document shouldn’t be an off-the-shelf contract but one that’s tailored to the particular needs of the business, because everyone is different. Our commercial lawyers will spend time getting to know you before recommending how your agreement is structured. We’ll think ahead so that the agreement remains effective, even in unforeseen circumstances. We serve clients throughout England, including London, Bristol, Manchester, Birmingham, Newcastle, Leeds and Liverpool.
What do partnership deeds cover? Our commercial lawyers can help
Partnership deeds will typically contain clauses covering issues such as:
- sharing profits and how any salaried partners are paid
- who will handle tax and records
- working hours and holidays for partners
- any restrictions on partners to prevent conflicts of interest
- how much capital and work each partner will contribute
- arrangements for the insolvency, retirement, misconduct or death of a partner
- whether new partners can be appointed and how this is managed
- what happens if the partnership has to be dissolved.
Partnership deeds are also crucially important because they stipulate what will happen in the event of a dispute. All too often, people set up a business with a relative or friend and assume that there will never be a need to protect their own interests. The agreement can specify a preferred mechanism for resolving a dispute and many name mediation or arbitration as the best way forward. If this is the case it ensures that a disgruntled partner can’t legally go straight to court without exploring other ways of resolving matters first.
Legal Advice: Costs
We’ll make sure we deliver the most cost-effective solution and that we’re fully aware of your budget and financial priorities from the outset. There’ll be no nasty surprises – we’ll keep you 100% up-to-date with costs as the project progresses.
Contact our Commercial Solicitors in London, and Nottingham