James Pearce & Co – Business Partnership Solicitors

James Pearce & Co advise on all aspects of partnership law including setting up a partnership, disputes between partners and dissolution of partnership.

Partnership Formation

A partnership is defined as the relation which subsists between persons carrying on a business in common with a view to profits. A partnership can be set up without any formal written agreement in which case the provisions of the Partnership Act 1890 apply. However this is not generally a recommended approach given that a specific bespoke partnership agreement drawn up in writing can be tailored to suit the size or requirements of the partnership e.g. provisions for purchasing a partners interest if he or she leaves are better specifically put in an agreement rather than left to the standard default provisions of the Act which, if not amended, can lead to time-consuming difficulties and in some cases unfairness.

Partnership Disputes

Disagreements can arise during the course of a partnership. We advise on all aspects of disputes between partners which occur between partners. Sometimes a partner either wishes to leave and/or is required to leave by the other partner. In such situations valuations of a partner’s interest can be carried out (using specialist accountant advice). We can advise you on how to protect your best interests in such situations.

Dissolutions of Partnerships

Again, dissolution can be effected verbally but it is sensible to dissolve a partnership by means of notice in writing. We can advise on the consequences of dissolution including, where necessary, working with accountancy and taxation experts.

Limited Liability Partnerships

Limited liability partnerships (‘LLPs’) were set up by the Limited Liability Partnerships Act 2000. An ‘LLP’ is a partnership in which some or all partners have limited liability although the taxation position is similar to that of a partnership. Once again, there is no requirement for the LLP agreement to be in writing but generally it is wise to have the agreement drawn up in writing. James Pearce & Co can advise on all aspects of limited liability partnerships.

Costs

We appreciate that partnership law advice has a cost. We will be clear and transparent from the outset as to what our charges will be. We will generally try to give fixed estimates as to any work that will be carried out but where that is not possible we shall give you full details of our charging rates and our costs generally. Please ask though if there is any aspect of our costs that you do not understand – we’re happy to help.