A new partnership agreement for a standard partnership of two to four partners. Covers contributions, profit shares, decision-making, retirement, expulsion, and dissolution. Suitable for professional services partnerships, trades, and small business partnerships where the partnership structure and profit-sharing are relatively straightforward.
What’s included:
• A consultation to understand the partnership structure, contributions, and commercial arrangements.
• Drafting of a partnership agreement for up to four partners, covering capital contributions, profit and loss sharing, drawings, management and decision-making, restrictive covenants, retirement, expulsion, and dissolution.
• One round of revisions based on your feedback.
• Final version ready for execution by all partners.
What’s not included:
• Partnerships with five or more partners (I can quote for these separately).
• Multi-tier or LLP conversion structures.
• Property partnerships or partnerships holding significant real estate (additional provisions required).
• Negotiation with the other party beyond the scope described above.
• Tax advice (including VAT, corporation tax, income tax, capital gains tax, and stamp duty). If specialist tax advice is needed, I can recommend a suitable accountant or tax adviser.
FAQ
Q: What if we have more than four partners?
A: Partnerships with five or more partners often involve more complex governance, voting, and profit-sharing arrangements. I can provide a quote after a short consultation to understand the structure.
Q: How is this different from an LLP agreement?
A: A traditional partnership does not have separate legal personality and partners have unlimited liability for the partnership’s debts. An LLP is a separate legal entity and members’ liability is limited. The choice between the two has significant legal and tax implications.
A new partnership agreement for a standard partnership of two to four partners. Covers contributions, profit shares, decision-making, retirement, expulsion, and dissolution. Suitable for professional services partnerships, trades, and small business partnerships where the partnership structure and profit-sharing are relatively straightforward.
What’s included:
• A consultation to understand the partnership structure, contributions, and commercial arrangements.
• Drafting of a partnership agreement for up to four partners, covering capital contributions, profit and loss sharing, drawings, management and decision-making, restrictive covenants, retirement, expulsion, and dissolution.
• One round of revisions based on your feedback.
• Final version ready for execution by all partners.
What’s not included:
• Partnerships with five or more partners (I can quote for these separately).
• Multi-tier or LLP conversion structures.
• Property partnerships or partnerships holding significant real estate (additional provisions required).
• Negotiation with the other party beyond the scope described above.
• Tax advice (including VAT, corporation tax, income tax, capital gains tax, and stamp duty). If specialist tax advice is needed, I can recommend a suitable accountant or tax adviser.
FAQ
Q: What if we have more than four partners?
A: Partnerships with five or more partners often involve more complex governance, voting, and profit-sharing arrangements. I can provide a quote after a short consultation to understand the structure.
Q: How is this different from an LLP agreement?
A: A traditional partnership does not have separate legal personality and partners have unlimited liability for the partnership’s debts. An LLP is a separate legal entity and members’ liability is limited. The choice between the two has significant legal and tax implications.