Partnership Agreements
What is a Partnership Agreement?
According to English law, any 2 or more persons can form a partnership together if they intend to trade for profit. A Partnership Agreement formalises this arrangement, removes uncertainty between partners and provides a roadmap for dealing with unforeseen future events.
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Who is a Partnership Agreement For?
- Family members who wish to enter business together
- Friends who have a business idea
- Professional colleagues, starting up a new venture
What are the benefits of a Partnership Agreement?
A Partnership Agreement:
- Provides clarity for the partners
- Reduces any scope for misunderstanding
- Protects the partnership in the event that one partner passes away
How do I get started?
- We’ll ask you to sign and return our Client Care Letter and to place monies on account.
- Depending on your availability, we’ll schedule a call within 7 working days, to take your instructions and learn about your business.
- We’ll aim to provide you with a first draft 7 workings days after taking your instructions.
- Once we receive your feedback, we’ll send you a final version of your Partnership Agreement, ready for your partners to rely on.
How long does it take to create a Partnership Agreement?
We can create a basic Partnership Agreement within 7 working days of you giving us instructions. If your Partnership Agreement is more complex, then it would take longer for us to prepare a first draft.
Review
- Review an existing Agreement
- Provide a legal opinion and summary of key clauses
- No amendments
Negotiate
- Review an existing Agreement
- Make amendments to the document
- Correspond with the other party’s solicitors
Create
- Create a new Agreement
- We’ll prepare a first draft for you to review and provide feedback
- We’ll incorporate any amendments and provide you with a second and final version.
OUR FIXED FEES
Quotations are confirmed in writing before work begins. Fees depend on complexity, the number of parties and turnaround required.
| Tier | What it covers | Approximate Timeframe | Fixed Fee |
|---|---|---|---|
| Review | Review of your existing Partnership Agreement, report with prioritised risk table and suggested amendments | 7-14 days | From £300.00 |
| Bespoke Draft | New Partnership Agreement drafted from scratch for your business, plus one round of amendments | 2-3 weeks | From £900.00 |
| Negotiation | Multi-party or heavily negotiated agreements, ongoing negotiation support to signature | Upon enquiry | From £400.00 |