A partnership agreement is between two or more people that form a contractual business relationship and agree to operate as co-owners where profits and liabilities that are generated by the business are shared equally between the partners as well as the responsibility of each partner, each state is covered by a separate state Act known as the Partnership Act.
Partnership agreements should be prepared by an experienced lawyer at the beginning of the business relationship.
Partnership agreements have many advantages such as:
With these advantages, come disadvantages which can often lead to disputes and should be resolved quickly to reduce the impact on the business operation and earning capacity.
Disputes can often arise due to:
As mentioned in shareholder disputes, partnership disputes can be empowered by emotion and one party may want to dissolve the partnership altogether. Often partners cannot resolve these types of disputes directly and should seek immediate legal advice about options to resolve.
Generally, a partnership dispute can be resolved by completing a negotiated agreement but sometimes depending on the circumstances this isn’t achievable and the need for litigation is required.
Kingsford Lawyers understands how these disputes can disrupt a business and we work quickly to resolve them.
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