A partnership is defined as being two or more persons (partners) engaging in business together with a view to make a profit.
While partnerships don’t legally have to be equal for the partners involved, all partners share the responsibilities, benefits, and risks involved in running the business.
If you enter into a partnership you will typically need to register a business name. Partnerships even though not necessary should have a Deed setting out the obligations and rights of each partner.
Partnerships are governed by the Partnership Act. For this reason, and many others, people looking to enter into a partnership should seek legal advice from a lawyer.
Partnerships can be formed by verbal agreement and conduct, where 2 or more persons enter into partnerships with each other. In the absence of a written agreement, the law assumes everything is shared equally, from profits to losses. When complications or disputes arise, it can be difficult for the partners to come to an agreement and maintain their relationship. Therefore, we recommend always taking advise from a professional partnership advisor before entering into the arrangement in order to avoid potential complications later on.
A business partnership should be a carefully drafted agreement that addresses the rights and responsibilities of the parties.
This process will eliminate uncertainty and set out clearly the role and responsibility of each partner. A partnership agreement will force the partners to consider important issues at the start of the partnership but also allow for estate planning where one partner is deceased during the partnership and how to deal with partnership property in such circumstance.
Our partnership lawyers can provide invaluable help in this area.
One of the primary benefits of hiring Appius Lawyers is that you’ll receive personalised service.
Appius Lawyers is much smaller than the mega-firm, but we offer clients expertise and creative solutions at a cost that many larger firms simply can’t match.
One of the top benefits of working with Appius Lawyers is having more flexibility when it comes to billing structure.
The great thing about working with Appius Lawyers is that we focus and take the time to learn your industry, to understand your business and what we can do to help it move forward.
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