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Working together may give rise to a partnership but it does not necessarily set out the basis on which you will conduct business or what each of the partners will commit. Our years of experience advising both general and limited liability partnerships means that we are poised to advise you of the complexities and consequences of working in a partnership.

Why Choose Franklin Solicitors for Your Partnership Agreement?

Bespoke Partnership Agreements: Understanding that no two businesses are alike, we believe in creating Partnership Agreements that are unique and meet the specific needs of the  business. A Partnership Agreement should meticulously address essential aspects of the structure being formed, while also embedding mechanisms to tackle challenges that may arise in the course of doing business.

Expert Financial Consideration: At the core of every partnership are the financial decisions, from initial capital contributions to the division of profits. Our Business Services team collaborates closely with your accountants and professional advisors, ensuring your Partnership Agreement complements your business model while safeguarding your interests and laying a robust foundation for profit distribution.

Comprehensive Legal Expertise: Combining our extensive legal experience with an understanding of your business needs, Franklins Solicitors delivers solutions that not only meet the legal requirements but also support your objectives and growth ambitions, creating the platform for a successful business partnership.

Terminating or Transitioning Your Partnership

The evolution or conclusion of a business partnership, whether due to the business’s growth or the retirement of a partner, often involves dissolution of the partnership. This stage is critical and calls for strategic decision-making and meticulous documentation to ensure a smooth transfer of assets and effective implementation of the clauses and procedures in the agreement for the partnership to be dissolved.

Support Through Transition: Franklins Solicitors provides unwavering support throughout this process, offering expert guidance to ensure that the dissolution or conversion of your partnership is conducted efficiently, minimising stress and aligning with both legal and commercial best practices.

Why Franklin Solicitors?

  • Personalised Approach: Our commitment to understanding your unique business context allows us to offer tailored advice and solutions that fit your needs.
  • Integrated Expertise: Our team’s comprehensive legal expertise, paired with our collaborative approach involving your other professional advisors, guarantees solutions that are both legally strong and commercially viable.
  • Proactive Problem-Solving: We anticipate challenges and embed mechanisms within your Partnership Agreement to address potential issues proactively, ensuring the longevity and success of your partnership.

Take the Next Step with Franklins Solicitors

Whether you’re just embarking on forming a new business partnership, looking to adjust your existing agreement, or contemplating the transition or conclusion of your partnership, Franklins Solicitors is here to guide you through each step with professional expertise.

Contact Us Today to explore how we can support your partnership needs and set your business on the path to success.

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Frequently Asked Questions about Partnership Agreements

What is a partnership agreement?

A partnership agreement is a legally binding contract between two or more individuals or entities who wish to manage and operate a business together as partners. The agreement outlines the terms of the partnership, including the rights, responsibilities, profit share, and obligations of each partner. It serves as a guide for how the business will be conducted and helps prevent future disputes by providing clear instructions for various situations that may arise.

Why is having a partnership agreement important?

Having a comprehensive partnership agreement is crucial because it:

  • Provides a clear framework for decision-making and operations.
  • Helps prevent misunderstandings and conflicts between partners by clearly outlining each partner’s contributions, roles, and responsibilities.
  • Protects the interests of all partners by specifying dispute resolution mechanisms.
  • Ensures stability and continuity by detailing procedures for adding new partners, exiting partners, and dissolving the partnership if necessary.

How much does it cost to create a partnership agreement with Franklins Solicitors?

The cost of creating a partnership agreement varies depending on several factors, including the complexity of the agreement, the number of partners involved, and any specific terms that need to be addressed. At Franklins Solicitors, we provide transparent pricing and will discuss the expected costs with you during an initial consultation, offering a detailed quote tailored to your specific needs.

How long does it take to complete a partnership agreement?

The timeframe for completing a partnership agreement can vary, typically ranging from a few weeks to a couple of months. The duration depends on factors such as the complexity of the agreement, the number of partners, and how quickly all parties can agree on the terms. Our team works efficiently to ensure a timely completion while paying close attention to detail to protect your interests.

What factors determine if a partnership agreement is right for my business?

A partnership agreement might be right for your business if:

  • Your business is owned and operated by two or more individuals or entities.
  • You wish to establish clear guidelines for the management and operation of the business.
  • You want to protect your personal and business interests in the event of disputes or changes in the partnership. Our experienced solicitors can help you assess whether a partnership agreement suits your business objectives and advise on the best structure for your partnership.

How can creating a partnership agreement help my business grow?

Creating a partnership agreement can contribute to the growth of your business by:

  • Establishing a solid foundation for how decisions are made, fostering a stable and efficient operational environment.
  • Clarifying financial arrangements such as profit sharing and capital contributions, which can streamline financial management and planning.
  • Providing a mechanism for resolving disputes amicably, ensuring that the focus remains on business growth rather than internal conflicts.
  • Enhancing credibility with investors, banks, and other stakeholders by demonstrating a well-organised and professionally managed business.

What information is typically included in a partnership agreement?

A partnership agreement typically includes information on:

  • The name and purpose of the partnership.
  • Contributions of each partner (capital, property, services, etc.).
  • Distribution of profits and losses.
  • Partners’ roles, responsibilities, and decision-making powers.
  • Procedures for admitting new partners, withdrawing partners, and dissolving the partnership.
  • Dispute resolution mechanisms.

How do I get started with creating a partnership agreement with Franklins Solicitors?

To get started, contact Franklins Solicitors directly via phone, email, or through our website to schedule an initial consultation. During this meeting, we’ll discuss your business, partnership goals, and what you’re looking to achieve with the agreement. We’ll then guide you through the process, ensuring that your partnership agreement aligns with your business objectives and legal requirements.

Contact the Franklins Business Services team

If you have any questions about partnership agreements, please don’t hesitate to contact our team of experts who are on hand and ready to help you.