Partnership Agreement Solicitors Glasgow
Whether you're beginning a business with a friend, family member, or professional contact, partnership agreements are necessary to have in place to reduce the possibility of future disputes and concerns.
A partnership agreement is a legal contract that describes the nature of the partnership as well as each partner's rights and obligations in the firm.
Our partnership agreement lawyers collaborate with you to fully understand the commercial goals of your company and develop an agreement that provides you with peace of mind and protection.
Many firms ignore the importance of establishing a formal partnership agreement, even though it might help you protect your future if things don't go as planned.
Our solicitors will assist you in creating and drafting a partnership agreement that is tailored to your specific company needs, and we will advise you on any terms you should include.
A solicitor's agreement will often address or regulate the following areas:
- Assets and property
- Duration of partnership
- Entitlements (holidays, health care, bonuses etc.)
- Financial obligations of the partners
- Partnership capital agreements
- Partnership role descriptions
- Partnership profit and losses
- Partnership debts
- Resolving partnership disputes
- Restrictive covenants
- Termination of partnership
What exactly is a Partnership Agreement, and do I require one?
A Partnership Agreement serves as the cornerstone for any business you run with another party. It governs how the firm is conducted as well as the connection and obligations and responsibilities of partners. Having one in place means you may determine the terms that are best for your company and partnership.
A business Partnership Agreement might describe how the business will continue if one partner leaves. It might also outline their separate roles and authority to make particular decisions in the business.
Without a written Partnership Agreement, your business partnership will be controlled by the provisions outlined in the Partnership Act 1890. This Act makes several assumptions, including:
- All partners are treated as an equal
- Each partner has the complete capacity to act in the name of the partnership.
- Any partner can dissolve the partnership at any given time
As a result, the Act's default provisions provide no actual assurance or protection for partners or the firm in general. This means that each party may be held accountable for the actions of another partner, with no evident redress. You run a modern firm that should be run according to procedures that are unique to you and your circumstances. Not those established by nineteenth-century legislation.
What are the advantages of entering into a Partnership Agreement?
A Partnership Agreement provides all partners with security as well as a written agreement outlining how the firm will be handled. It demonstrates that all partners are concerned with the success of the company and its expansion.
A Partnership Deed can be used to determine profit distribution. This does not have to be the same. Instead, it can be used to better reflect the time, effort, and resources that each partner is putting in. Simply put, a Partnership Agreement can assist in more equitable profit distribution. As with profits, the Act requires that all partners share equally in the business's obligations. A Partnership Agreement, on the other hand, can allow the partners to choose various ratios in which they will share accountability for the business's debts.
Agreements can also save a significant amount of money in court proceedings. When business partners disagree, things can become complex. Ill feelings might occur if it is perceived that a partner is "not pulling their weight" or is asking more than their fair share while departing the company.
Complete Clarity - Partnership Agreement Solicitors Scotland
Because every firm is different, an "off the shelf" programme will not capture everything that is vital. A customised or tailored arrangement will fit you considerably better, and our Commercial lawyers are experienced at putting them together. We've done it countless times before, ensuring the seamless operation of firms and the simple settlement of partnership issues when they arise.
Our expert team of Solicitors are highly trained and experienced in providing you with the solutions to your legal problems. We do this always in a friendly but always professional manner to ensure that our clients always receive the highest quality legal services and counsel available. Our Glasgow office is perfectly located in the heart of Glasgow's city centre and provides a vast array of services to corporate and individual clients in all facets of their business and personal lives and service clients all over Scotland, including locations like East Kilbride, Edinburgh, Dumfries, Paisley, Dundee, Stirling, Perth, Hamilton, Motherwell And Livingston