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Partnership Agreements

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Many business owners don’t realise they can unintentionally form a legal partnership without ever signing an agreement.

Can You Be in a Partnership Without Realising?

If two or more people are carrying on a business together, they are likely already in a partnership defined by law – whether that was the intention or not.

You could be in an accidental partnership if:

You and someone else run a business together even if you are both sole traders
You both contribute time, money, or resources
You share profits (even informally)
You make business decisions together

Contact us for more information.

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Even casual or part-time arrangements can meet the legal definition of a partnership which without a formal partnership agreement:

You’re personally liable for the business’s debts, including those caused by your partner
There’s no clear guidance for handling disagreements or big decisions and no clear rules on profit sharing, roles, or responsibilities
If one partner wants to leave, retire, or sell, things can get messy very quickly

What is a Partnership Agreement?

A partnership agreement is a private contract between two or more individuals or entities running a business together. It covers how the business will be managed, how profits and losses are shared, and what happens if things change – like if a partner wants to leave or if a disagreement occurs.

Without a formal agreement in place, the partnership will be governed by default legal rules (such as the Partnership Act 1890 in the UK), which are often outdated and unlikely to suit your needs.

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We check the small print, so you don’t have to!

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Why Do You Need One?

Even if you’re going into business with friends or family, misunderstandings can happen. A properly drafted agreement helps to:

Clearly define each partner’s role and responsibilities
Set out how profits (and losses) are shared
Establish how key decisions are made
Outline what happens if a partner wants to leave, retire, or sell their share
Reduce the risk of legal disputes
Protect your business from uncertainty or partner conflict

What Should It Include?

Every partnership is different, but a good agreement typically covers:

Capital contributions and ownership shares
Profit and loss distribution
Duties and obligations of each partner
Decision-making authority
Restrictions on competing activities
Procedures for adding or removing partners
Dispute resolution mechanisms
Exit and dissolution terms

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Benefits of seeking professional advice

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Forming a partnership may feel informal — but the legal and financial implications are anything but.

Getting professional legal advice ensures that your partnership is properly structured, protected, and prepared for whatever the future holds.

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Clarity and Protection

A professionally drafted agreement sets out clear roles, responsibilities, and expectations—reducing the risk of misunderstandings or disputes. The right clauses can prevent small disagreements from escalating into legal battles. And if a dispute does arise, you’ll have a clear process in place for resolving it.

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Tailored to You

Every partnership is different. We will draft an agreement that reflects your specific setup, contributions, goals, and risk factors — not a one-size-fits-all template.

We ensure your agreement fits your specific business, goals, and partner relationships—rather than relying on risky, generic templates.

Prepared for the Future

We help you plan ahead thinking about partner exits or dispute resolution—so you’re protected as your business changes and not caught off guard by unexpected events

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Why Use Us

Partnership Agreements

Many business owners don’t realise they can unintentionally form a legal partnership without ever signing an agreement.

Can You Be in a Partnership Without Realising?

If two or more people are carrying on a business together, they are likely already in a partnership defined by law – whether that was the intention or not.

You could be in an accidental partnership if:

You and someone else run a business together even if you are both sole traders

You both contribute time, money, or resources

You share profits (even informally)

You make business decisions together

Contact us for more information.

Even casual or part-time arrangements can meet the legal definition of a partnership which without a formal partnership agreement:

You’re personally liable for the business’s debts, including those caused by your partner

There’s no clear guidance for handling disagreements or big decisions and no clear rules on profit sharing, roles, or responsibilities

If one partner wants to leave, retire, or sell, things can get messy very quickly

What is a Partnership Agreement?

A partnership agreement is a private contract between two or more individuals or entities running a business together. It covers how the business will be managed, how profits and losses are shared, and what happens if things change – like if a partner wants to leave or if a disagreement occurs.

Without a formal agreement in place, the partnership will be governed by default legal rules (such as the Partnership Act 1890 in the UK), which are often outdated and unlikely to suit your needs.

Why Do You Need One?

Even if you’re going into business with friends or family, misunderstandings can happen. A properly drafted agreement helps to:

Clearly define each partner’s role and responsibilities

Set out how profits (and losses) are shared

Establish how key decisions are made

Outline what happens if a partner wants to leave, retire, or sell their share

Reduce the risk of legal disputes

Protect your business from uncertainty or partner conflict

What Should It Include?

Every partnership is different, but a good agreement typically covers:

Capital contributions and ownership shares

Profit and loss distribution

Duties and obligations of each partner

Decision-making authority

Restrictions on competing activities

Procedures for adding or removing partners

Dispute resolution mechanisms

Exit and dissolution terms