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.
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.
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.
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