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Partnerships

Partnerships

A partnership exists when two or more people carry on a business in common with a view to profit. A partnership can therefore exist even where the parties are not aware there is a partnership.

We recommend that all partnerships have a partnership agreement as the partnership act does not adequately provide for all eventualities. Typically a partnership agreement will deal with the following:

•           Ownership of the assets

•           Share of the profits

•           Sale of the partnership

•           Retirement

•           Expulsion

If it is appropriate you should consider a Limited Liability Partnership. An LLP is a separate legal entity and means that the partners are protected in the same way as shareholders to the extent that their liability is limited. This differs from an ordinary partnership where the partners are personally liable.


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