CORPORATE LAW

Partnerships

Atkins Dellow > Business > Corporate > Partnerships

Legal Expertise in Structuring Business Partnerships

Partnerships can be a great way of structuring a business. It’s important to understand the regulation of Partnerships and the implications of not having a formal Partnership agreement in place.

Call our Business Partnership Solicitors on 0330 912 8338 for a no-obligation chat today.

Having a well written Partnership Agreement in place can clarify the terms of the relationship between the partners and cover issues which may arise in the future.

Our expert team of experienced Business Law Solicitors have extensive knowledge surrounding Partnerships and are ready to assist you.

If you’re considering setting up a business as a Partnership, our expert Business Law Solicitors can help you with every aspect of setting up a business to ensure that those involved have their interests protected as well as possible.

Need Help?

Call 0330 912 8338 to have a no-obligation chat with our expert Business Law Team. They’ll be happy to talk through the process with you, explain what we do, and answer any questions you have.

Alternatively, you can email us with your query and we’ll help in any way we can.

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Partnership FAQs

What are Partnerships?

Partnerships are a form of business structure where a business is owned by more than one company or person, collaborating together to run and own the business.

What is the difference between Partnerships and Limited Companies?

The main difference between Partnerships and Limited Companies is that in a Partnership, the partners of the business own and run the company. There aren’t any outside influences on the decisions they make.

However, Limited Companies are owned by the shareholders who can be people that don’t know anything about the company and aren’t involved in the running of the business. Instead the business is lead by directors who will be employed by the business in their position and will have to listen to the wants of their shareholders.

How is a partnership formed?

A partnership is formed when two or more parties enter into a partnership agreement, which outlines the terms and conditions of the partnership.

What are the different types of partnerships?

There are three main types of partnerships: general partnerships, limited partnerships, and limited liability partnerships (LLPs).

What is the liability of partners in a partnership?

In a general partnership, partners have unlimited liability, meaning they are personally responsible for the partnership’s debts and obligations. In an LLP, partners have limited liability, protecting their personal assets.

How are profits and losses shared in a partnership?

Profit sharing in a partnership is typically outlined in the partnership agreement. Partners can agree on a specific percentage or use a predetermined formula to distribute profits and losses.

Can a partner be expelled from a partnership?

Yes, partners can be expelled from a partnership under certain circumstances, such as a breach of the partnership agreement or misconduct. The partnership agreement should outline the procedure for expulsion.

What happens if a partner wants to leave the partnership?

If a partner wishes to leave the partnership, the partnership agreement should detail the process for withdrawal, including any notice period and the distribution of assets and liabilities.

Can a partnership be dissolved?

Yes, a partnership can be dissolved by mutual agreement, expiration of the partnership term, completion of the partnership’s purpose, or other circumstances outlined in the partnership agreement.

Are partnerships required to register with the government?

General partnerships do not require formal registration, but limited partnerships and LLPs must register with the appropriate government authorities, such as Companies House.

Can a partnership be converted into a different business structure?

Yes, a partnership can be converted into a different business structure, such as a limited company or an LLP. The process involves fulfilling the legal requirements for the new business structure.

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Emma Turner

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