Partnerships
Partnerships
Starting a new business can be a complex process. Here at Ashton Morton Slack we can help guide you through the process.
With the growth of the business sector in South Yorkshire, we are seeing more and more clients who want to set up in business as a partnership.
Partnerships are defined by law as being people who carry on business in common together with a view to making a profit. For most of our clients, partnerships offer them the perfect solution.
On setting up in partnership, you need to consider your liability. It is commonly known that partners have unlimited liability but in recent years this area of law has seen in an increase in the formation of limited liability partnerships (also known as a LLPs).
If you would like to discuss the types of partnership available to you, then please call Ashton Morton Slack who can advise on the forms of partnership and the legislation which governs this area of law.
Partnership Agreements
Many partners usually agree the terms of their partnership between themselves. However, this does not always provide a satisfactory position.
A Partnership Agreement allows you to structure the relationship between the partners and provide what should happen if the partners are at a later stage in dispute. It allows you to place in a written agreement the role and responsibilities of each partner and would is to happen when a partner decides to leave the partnership.
Ashton Morton Slack are experienced in dealing with how to set up and draft a Partnership Agreement.
Dissolution of a Partnership
Partnerships usually cease by the agreement between the partners. However, this is not always the case and it is possible for the Court to order dissolution.
If you would like to discuss how to dissolve your partnership, please call Ashton Morton Slack to speak to one of our solicitors on this matter.
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