Partnership and LLP agreements


Why (or when) someone would need this service?

When two or more people go into business together or have been in business together for some time without a written agreement.

How does the process work/what are the steps?

Usually we provide a questionnaire to get the partners thinking about how they wish to regulate their arrangements. We would decide at an early stage whether we can represent all parties or whether some may need to seek independent advice due to any perceived conflict of interest.

We would either produce a draft agreement or comment on a draft agreement produced by the other party’s solicitors to ensure that it meets the client’s requirements. In order to expedite matters please feel free to download and complete partnership agreement questionnaire and then email the completed documents to us.

Partnership agreement — formation checklist

How long does it take?

This depends upon the complexity of the arrangements but generally we would hope that it could be dealt with within four weeks.

Is it expensive? How do the costs work?

Agreements will need to be tailored to the individual circumstances. A little investment at the outset can avoid an expensive dispute later on.

What are the things people should consider before calling?

The contribution (in terms of time and money) made by each of the partners to the business needs to be considered in some detail.

Why are Grant Saw the best people for the job?

We will take a pro-active approach to tailoring the agreement to the specific requirements of the partnership or company concerned.

Partnership and LLP agreements tips

Don’t be embarrassed in the excitement of setting up a new business venture to discuss what would happen if something goes wrong. That will help the parties focus on clarifying key issues and avoiding an acrimonious dispute at a later date.

Partnership and LLP agreements myth busting

What myths are there around this area?

That the Partnership Act or the Companies Act provide comprehensive safeguards. Although some statutory safeguards are in place it is much better to have an agreement signed by the parties.

Meet the Partnership and LLP agreements team