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What is a Partnership?
A partnership is defined as being two or more persons (partners) engaging in business together with a vision to make a profit.
While partnerships don’t legally have to be equal for the partners involved, all partners share the responsibilities, benefits, and risks involved in running the business.
If you enter into a partnership you will typically need to register a business name. Partnerships also require a Deed that states clearly the obligations and rights of each partner. This document is governed by the Partnership Act. For this reason, and many others, people looking to enter into a partnership should seek legal advice from partnerships lawyers.
Seek Legal Advice at the Start
Partnerships can be formed by verbal agreement, which usually occurs when friends enter into partnerships with each other; however, in these cases the law assumes everything is shared equally, from profits to losses. As a result, when complications arise, it can be difficult for the partners to come to an agreement and maintain their relationship. Therefore, we recommend always seeking guidance from a professional partnership advisor before entering into the arrangement to help avoid potential complications later on.
Partnership Agreements – Start Off on the Right Foot
A business partnership should be a carefully drafted agreement that addresses the rights and responsibilities of the parties. This process should be viewed as a positive exercise for all parties because it eliminates uncertainty and really secures what each of your roles will be. It also forces the parties to carefully think through important issues that can help prevent disappointment later and partnership disputes.
Our partnership lawyers can provide invaluable help in this area.
Contact PCL Lawyers Today
At PCL Lawyers, we know that no two businesses are built the same. This is why you will always find focused, tailored advice with our partnership lawyers that is right for your business goals.
Call us now on 1300 907 335 or fill out the enquiry form on this page.
Client Testimonials
I’ve had the pleasure to be assisted by Marilyn Wai the Senior Associate at PCL Lawyers and she has been nothing but amazing. She is thorough in her work, detailed in her responses and punctual in all her communication. Her service is second to none and I could not have asked for anyone better to oversee my cases. I was very well looked after by the entire team at PCL Lawyers when Marilyn was away. Every correspondence was transparent and easy to understand. The overall process was an absolute breeze. There is no doubt in my mind I will return for their business should I require any future assistance.
We hired Marilyn to assist with some shareholder changes. Very happy with her professionalism and advice. Would hire again. Thanks for your help!
I had nothing but great service using PCL Lawyers I used Marilyn Wai as my solicitor. Her attention to detail and efficiency was outstanding. I was always kept up to date with everything and was well looked after. A+++++ service. Highly recommend I will be using Marilyn for all my future legal matters Thanks again Marilyn Regards Adam
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