Free Legal information and Legal advice

A Partnership agreement package containing a choice of partnership agreements and sundry information.

A partnership is defined in the Partnership Act as ' the relationship which subsists between persons carrying on business in common with a view of profit. Therefore where at least 2 people carry on a trade, occupation or profession together with the intention of making a profit a partnership will automatically be formed,

The terms of the partnership and the relationship between the partners should always be agreed beforehand and set out in a partnership agreement as a reference and aid to resolving any disputes. If this is not done the partnership will be regulated by the provisions in the Partnership Act which may often not be appropriate and what the the partners intend. Similarly if the partnership agreement is not sufficiently comprehensive the Partnership Act will apply to any points on which it is silent.

It is therefore highly desirable to make a written partnership agreement.