Before entering into a business partnership, it’s essential to take legal advice with a view to having a proper Partnership Agreement prepared.
This will clarify at the outset the rights and duties of the Partners including the financial contribution required from them, and will provide a mechanism for protecting assets, distributing profits, determining what will happen on the retirement or death of a partner or if the partnership is to cease, and set out how disputes will be resolved.
Cross or double option agreements are also available to partnerships as well as companies. They can provide Partners with a mutual option to acquire the interests of other Partners in certain circumstances e.g. on the death of a Partner, or in cases where appropriate provision has not been made in the Partnership Agreement.
At Morecrofts, our specialist commercial team can advise and assist you on the best way of ensuring you achieve a successful partnership from the early stages, and on all issues which arise during the lifetime of the business.
We understand how worrying legal costs can be so we have a range of payment options available to suit your budget and needs. For many of our services we offer fixed fee packages alongside our traditional fee system and we will help you decide which option is right for you.
To find out more or to speak to someone, call 0151 236 8871, email firstname.lastname@example.org or use our contact form