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Partnership Agreement Solicitors Brighton and Hove

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Partnership Agreement Solicitors

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, as well as how profits and losses are split between partners.

The value of having a written partnership agreement is that it lays out all the rules, responsibilities, and financial details of a business partnership. Also, the agreement reduces the possibility of any future disputes, because all partners have agreed to the terms and conditions. And in the event of any disputes, it’s a simple case of referring back to the document, minimising any arguments and lengthy discussions.

What does drafting or reviewing a partnership agreement involve?

What the agreement involves entirely depends on what you, your business partners, and your company are looking to achieve. Due to every company’s intentions being different, drafting or reviewing a partnership agreement, we will always recommend arranging an initial consultation. An initial consultation ensures our solicitors understand how you intend each business partner to work in the business, and how you work with each other.

Some agreement procedures may be straightforward and simply require our solicitors to review a pre-drafted agreement. We will help to remove or re-draft any unfair, or unenforceable terms and conditions that may cause issues further down the line.

If a fresh partnership agreement is required, we will help you to draft a bespoke agreement from scratch.

It’s crucial if you are presented with a partnership agreement, that you seek independent legal advice on the agreement to ensure you understand its contents. Failing to do so may mean you sign a document that carries risks to you and your financial position.

How much will it cost to draft or review a partnership agreement?
Each partnership agreement case is different, which is why we offer an untimed initial consultation to understand the complexity of the agreement you desire. Within an initial consultation, our solicitors will be in a position to provide a more precise estimate of how much your agreement case will cost.

But, as a rough guideline, a straightforward agreement can cost upwards of £800 plus VAT. For more complex agreements, this price may increase in line with the time required to draft them.

Agreements that include multiple partners, multiple businesses, or agreements that require several layers of protection and dispute resolution for partners will typically increase costings.

How long does it normally 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.

Key stages involved in drafting or reviewing a partnership agreement

Depending on your matter, the typical drafting of a partnership agreement will involve:

  1. An initial consultation to understand what you seek to achieve from the agreement
  2. Outlining the potential implications for you, each business partner and the company from the proposed agreement
  3. Drafting your initial agreement
  4. Making any adjustments to the agreement to cover any risks and input from other partners
  5. Finalising the agreement, ready to be signed

Depending on your matter, a typical reviewing of a partnership agreement will involve:

  1. An initial consultation to understand what your understanding of the agreement is and the context in which it was made
  2. Outlining the potential implications for you in the agreement
  3. Advice on any undesirable terms and conditions in the agreement on your behalf.
  4. Re-drafting any particularly onerous clauses within the contract 

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Solicitors in Brighton Paul

Paul Britton

Head of Commercial Law, Solicitor Director

Solicitors in Brighton Joe

Joseph Navas

Solicitor

Solicitors in Brighton Rory

Rory Lindsay

Paralegal

6 Reasons to Choose Britton and Time’s…

Partnership Agreement Solicitors

Britton and Time is proudly regulated by the Solicitors Regulation Authority and our solicitors believe in offering no nonsense, common sense advice with up-front pricing. We do this through our 6-point service guarantee:

PROFESSIONAL FEE PROMISE

We will offer fixed fees where possible, and if not, we will state clearly what your case is estimated to cost, alongside hourly rate options so you can judge what works for you

SURPRISE-FREE PRICING

We will inform you when we know there will be third party costs to be paid. If additional third party payments are required, we will always seek your approval first

REASONABLE TIMELINES

We will let you know how long your case will take, what delays you can expect, and our solicitors will always reply to you in a timely manner

BILLING TRANSPARENCY

We bill every month, with detailed accounts of what you are being charged for. Our solicitors are happy to discuss if you have any questions about your bill.

CLEAR CASE MANAGEMENT

Before work starts, we will tell you what work needs to be done to reach the best outcome for you, and what your options are once you reach that point

OBJECTIVE ADVICE

We never take on cases we do not feel we can do justice and if your case does not need a solicitor, we will tell you just that and advise you what your options are

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