Need a Partnership Agreement drawn up?
Call, email or provide us with a few details of your matter, and we’ll arrange a callback with our corporate solicitor where you can discuss:
- Your business requirements
- What’s involved in achieving your goals
- An estimated fee quote and time frame
The Partnership Agreement Experts
- Drafting and reviewing partnership agreements
- An outline of your legal position in your business agreement matter
- Negotiation of terms
Commonly asked questions on partnership agreements.
A partnership agreement dictates all the duties and obligations between you and your business partners. As a result, we often get many questions regarding partnership agreements. Below, our commercial solicitors have answered some of the most commonly asked questions regarding the topic.
1. What is a partnership agreement?
A partnership agreement, also known as a partnership contract, is a legally binding document. The agreement establishes the rights and responsibilities of each partner and how they split profits and losses.
The value of having a written partnership agreement is that it lays out all the rules, responsibilities, and financial details of a business partnership. Furthermore, the agreement reduces the possibility of any future disputes because all partners have agreed to the terms and conditions.
In the event of any disputes, it’s a simple case of referring back to the document, minimising any arguments and lengthy discussions.
2. Are partnership agreements legally binding?
All partners who have signed a partnership contract have entered into a legally binding agreement. The partnership agreement will include the roles and responsibilities of the partners. However, in most cases, a partner will be able to exit or dissolve a partnership, providing they concede with the terms agreed within the partnership agreement.
3. When should a partnership agreement be formed?
Partners will form an agreement document to give all parties precise details of their partnership. For example, this might involve their capital, their rights and obligations, and rules of engagement in the event of a dispute or dissolution.
4. How long does it take to draft or review a partnership agreement?
A simple partnership agreement can take as little as 1 to 2 weeks to be drafted, from initial consultation to you receiving the first draft.
If the agreement is particularly complex, you can expect the time frame to increase to 2 to 4 weeks.
5. How much does it cost to draft or review a partnership agreement?
Each partnership agreement case is different. Agreements that include multiple partners/businesses, or agreements that require several layers of protection and dispute resolution for partners, will typically increase costs.
After speaking with our solicitors, they will be in a position to provide a more precise estimate of how much your agreement will cost.
To contact one of our commercial solicitors, please call us on 0203 007 5500.
Need legal advice now from a commercial solicitor?
Tell us about your case and we’ll get back to you the same day.
Meet our commercial team.
Paul Britton
Managing Director
Sophie Campbell-Adams
Director and Solicitor
Kim Pons
Solicitor
Leonardo Bosco
Solicitor
Alexander Grist
Trainee Solicitor
Aryan Fallahi
Trainee Solicitor
Grace Marchant
Trainee Solicitor
Why Britton and Time Solicitors?
Partnership agreements are our speciality. Our solicitors have worked on various partnership agreement cases, which have given our solicitors an abundance of knowledge and experience in these processes. When it comes to your specific partnership agreement case, we’ll always guarantee:
Award-Winning Service.
You are our priority, and the law is our speciality. Our award-winning solicitors in London and Brighton ensure you know exactly where you stand from a legal perspective so you can make a well-informed decision.
Full Billing Transparency.
No fee surprises. Ever. Our commercial solicitors will inform you from the outset how much your case will cost, and we will do everything in our power to keep costs down and within your original fee estimate.
Regular Communication.
With fortnightly updates on your case, you’ll never be left in the dark. Our commercial solicitors in London and Brighton ensure you know exactly how your case is progressing and are with you every step of the way.
Our reviews.
It’s not about how good we think our services are; it’s about what you think.
Will to Win
There are three things that make Britton & Time, and in particular Paul, stand apart from other law firms: knowledge, communication and a will to win.
Rated excellent by over 95% of our clients.
%
Google Reviews
%
Yell
%
Review Solicitors
%
Solicitor.info
Our business agreement services.
Agency Agreements
Commercial Contracts
Distribution Agreements
Joint Venture Agreements
Partnership Agreements
Service Agreements
Shareholder Agreements
Supply of Goods Agreements
Terms of Business
Our commercial law insights.
Forming a Limited Company – Setting Up and Choosing a Name
In this article Starting off Things to consider Company name Infringement and passing off Starting...
Lidl v Tesco – An Unexpected Outcome
In this article What were the four elements of trademark infringement? Was Tesco's mark passing...
Types of Business – Incorporated Business
In this article What is an incorporated business? What is the separate legal personality? A...
Need legal advice now from a commercial solicitor?
Call, email or provide us with a few details of your matter, and we’ll be able to help you the same day.