An agreement is not required in order to form a partnership – in fact, partnerships are formed automatically when two or more people work together with the aim of making money. In the absence of an agreement, the law makes certain assumptions should a dispute arise. One risk of not having an agreement in place is that these assumptions may not reflect the intentions of the partners.
At Richard Griffiths & Co our expert team can help draft new Partnership Agreements, advise on existing agreements or offer guidance if you have a problem and do not have a written agreement in place.
Making a Partnership Agreement at the very beginning of a partnership ensures certainty and fairness from the start should a dispute arise. It may even prevent a dispute from arising in the first place, as it focuses the minds of the parties at an early stage to agree on how the business should be run.