Partnership Agreement Lawyer

Embarking on a business partnership is much more than a handshake deal. A solid partnership agreement is the cornerstone of a thriving partnership business relationship. We’re here to help you lay a robust foundation through negotiating and documenting a sound partnership agreement.

Our approach to partnership agreements is all about alignment and foresight. We understand that each partnership is unique, requiring more than just legal formalities. Whether it’s defining roles, outlining profit sharing, or preparing for future scenarios, we tailor partnership agreements to fit the contours of your partnership.

Whatever your needs, our business partnership lawyers are here to help. By choosing Solomon Hollett Lawyers for your partnership agreement needs, you’re not just protecting your interests – you’re setting the stage for a harmonious and prosperous business venture.

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Building strong foundations for business partnerships

When you choose a partnership agreement lawyer, you’re equipping your business venture with crucial tools for success. With us, you can expect:

  • Tailored agreements: Every partnership is unique. We craft agreements that perfectly fit your business’s needs and goals.
  • Clarity in roles and responsibilities: Clear definitions prevent misunderstandings. Know who does what and set the stage for smooth operations.
  • Conflict minimisation: Foreseeing and planning for potential disputes between partners keeps future conflicts at bay and preserves your business harmony.
  • Legal compliance: Stay aligned with the law. We ensure your partnership agreement meets all legal requirements, avoiding costly oversights.
  • Future-proofing your business: We help plan for the unexpected, safeguarding your partnership against unforeseen challenges.
  • Peace of mind: Knowing your partnership is built on a solid legal foundation lets you focus on growing your business.
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Tailored partnership agreement solutions for every step

At Solomon Hollett Lawyers, we offer comprehensive legal services to ensure your partnership is built on a strong, legally sound foundation. We can also assist in partnership disputes to ensure your rights are protected and a practical, sensible resolution is achieved. We can help with:

  • Drafting partnership and management agreements
  • Advice on the roles, duties and authority of partners
  • Advice on partnership exit agreements and transfer of assets
  • Representation and legal advice for avoidance of partnership disputes
  • Advice on dissolution of partnerships
  • Advice on restructuring, earnouts and workouts
  • Advice on the distribution of profits
  • Partnership buyouts
  • Succession planning and wealth transfer individuals and businesses

Book your free 15 min consultation

Discussing your situation over the phone is often the best way to start, and we’re pleased to offer all new and existing clients a free 15 minute phone consultation for every new matter. It’s a great opportunity to let us know more about the assistance you’re looking for, clarify your situation and walk you through how best we can help and what’s involved.

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Why is a partnership agreement important to have?

Whether you’re going into a business with your best friend or a relative stranger, for a small side hustle business or a major commercial enterprise, a partnership can be a very useful business structure.

What is essential for every partnership is to have a partnership agreement in place preferable before the partnership is on foot, alternatively, as soon as possible if the partnership is already trading. A good partnership agreement can have an enormous effect on the partners’ business relationship , dividing roles and responsibilities and setting the parameters for how the partnership will function. A significant consideration is having a mechanism to deal with potential disputes and issues arising in the future and for dealing with a partner’s value to the partnership.

How can a lawyer help in drafting a partnership agreement?

A partnership lawyer ensures that the agreement is comprehensive, legally binding, and tailored to the specific needs of the business and its partners. They provide crucial guidance on legal requirements, potential risks, and include necessary clauses for protection and clarity.

What should be included in a partnership agreement?

A robust partnership agreement should include details such as:

  • The nature of the business
  • Capital contributions and dealing with debt
  • Profit and loss distribution
  • Partner roles and responsibilities
  • Decision-making processes
  • Dispute resolution mechanisms
  • Procedures for exiting or dissolving the partnership

How are profits and losses distributed in a partnership?

This distribution is typically based on the agreement between partners, often in proportion to their capital contributions or as otherwise agreed and documented in the partnership agreement.

What happens if a partner wants to leave the partnership?

A good partnership agreement will outline the process for a partner’s exit, including notice periods, valuation of the partner’s interest, and how their share of the business will be managed or bought out.

Can a partnership agreement be amended?

Yes, a partnership agreement can be amended with the consent of all partners. Amendments should be documented in writing and reviewed by a lawyer.

How does a partnership dissolve and what are the legal implications?

Dissolution can occur for various reasons, like reaching the end of an agreed period, by mutual consent, or due to bankruptcy. Legal implications include asset distribution, debt settlement, and notifying relevant authorities and stakeholders.

What’s the difference between a partnership and other business structures?

Partnerships differ from corporations and sole proprietorships in terms of liability, tax obligations, and management structures. Unlike corporations, partnerships don’t provide limited liability protection to their owner.

How do partnership agreements handle dispute resolution?

Effective partnership agreements include dispute resolution clauses, outlining processes like mediation or arbitration to resolve conflicts, avoiding costly and time-consuming litigation.

What is succession planning in the context of a partnership?

Succession planning involves preparing for the future transfer of a partner’s stake in the business, ensuring continuity and stability. It includes identifying potential successors and outlining transition processes.