Partnership Agreement Solicitors
As Featured In
Our partnership agreement solicitors have been advising clients on all aspects of partnerships and limited liability partnerships (LLP) since 2014. But we do more than just offer advice and draft agreements. We also figure out the finer details, such as the structure of partnerships and how exits are dealt with.
Over the past few years, a number of businesses have been setting up or converting into LLPs as they offer reduced personal liability for business debts. This is because the LLP is a separate legal entity. However, it is worth noting that if you do not have an agreement in place, the provisions of the Limited Liability Partnership Act 2000 will apply to the partnership. That is why it is important to have an agreement in place to ensure that your best interests are protected. We will draft an agreement that sets out the terms of the partnership and reduces the legal and financial risks involved.
Updating a Partnership Agreement
If your agreement was made a few years ago, there is a good chance that it may be outdated. After all, legislation is constantly changing. But the good news is that our partnership solicitors excel at reviewing and updating agreements. We can even advise on the best legal structure for your partnership.
Our Partnership Services
Our partnership and LLP specialists advise on a range of issues, including:
- Partnership or LLP conversions
- Partnership or LLP expansions
- The rights and obligations of partners
- Performance issues
- Employment issues, such as whistleblowing and discrimination claims
- FCA compliance
- Restructures
- Disputes
- Acquisitions, mergers and disposals
- Liquidation and insolvency
- Data protection
- Restrictive covenants
Key Terms
Partnership agreements can be challenging to understand, especially if you are not well-versed in commercial law. That is why our partnership agreement solicitors cut through the jargon so that you can clearly understand the potential risks associated with partnerships.
Key terms that are usually in partnership agreements include:
- Investment in the partnership – This refers to the financial contributions of the partners
- Policy on future financial contributions – This refers to how partners can put additional funds into the partnership, as well as the conditions under which they can do so
- Profits and losses – This refers to how money is divided between partners when the business makes or loses money
- Contributions to the partnership’s day-to-day activities – This refers to the duties of each partner and any restrictions on completing other work whilst in the partnership
- Decision-making rights and processes – This refers to the level of authority that partners have to make decisions about key areas, such as employing staff, borrowing and entering into contracts
- Exit – This refers to what will happen if a partner leaves
- New partners – This refers to the process of expanding the partnership and deciding whether to add new partners
- Dispute resolution mechanism – This refers to the processes by which disputes are resolved, such as mediation, arbitration and use of formal court proceedings
- Illness, death or insolvency – This refers to what happens if a partner becomes ill, passes away or becomes insolvent
- Cross indemnities – This refers to an agreement under which each partner agrees to compensate the other partners for liabilities that arise out of each other’s acts or omissions
Medical Partnership Agreements
Whether you run a GP or dental practice, we have an in-depth understanding of how the healthcare industry works and will advise you on the potential legal issues of forming a medical partnership.
Alternative Business Structures (ABSs)
In simple terms, the Legal Services Act 2007 allows people who are not lawyers to own and run law firms. These partnerships can be quite complex. However, with our legal expertise, you can rest easy knowing that your agreement is fully compliant with these regulations.
Advice to Individual Partners
Whether you are about to enter a partnership, you have been isolated or excluded from a partnership by management, or you have fallen out with the other partners, we will advise you on the best course of action to take and help you find the most cost-effective solution.
Investment Vehicle
An investment vehicle refers to a product or financial asset used to create returns, such as stocks and mutual funds. Our partnership solicitors can advise on LLP arrangements for investment and property transactions.
Why Choose Witan?
When setting up any partnership agreement, you need to make sure that the documents are drafted and reviewed by a legal professional. But unlike other solicitors, our expertise extends beyond simply drafting agreements. We will make sure that your agreement covers broader issues such as tax, reducing the risk of disputes later down the line. When you instruct us, you benefit from:
- Over 100+ years of combined legal experience
- Representation from a firm that has been recognised by the Legal 500
- Practical and jargon-free advice
- A free, no-obligation consultation
- Business-oriented legal professionals
- Partnership agreement solicitors in London, Birmingham and Northampton
Set Up Your Partnership Today
If you are looking for advice from highly experienced partnership agreement solicitors, contact our team today. We’d be happy to answer questions you may have about our service and can arrange a free no-obligation consultation to learn about the structure of your partnership.
FAQ
What should a partnership agreement include?
Generally, agreements will include details about:
- The financial contributions of each partner
- Each partner’s percentage of ownership
- How profits and losses will be allocated
- Each partner’s rights and responsibilities
- Processes to resolve disputes
- When and how a new partner can be added
- How involuntary and voluntary exits should be dealt with
What happens if there is no agreement?
In such cases, the Partnership Act 1890 will govern your relationship and all partners will be treated as equals. This means that all partners will share the profits and losses of the business, be jointly liable for all debts and have equal voting power. Not to mention, if one partner decides to leave or passes away, the partnership will automatically end.
When there is no agreement in place, there are more likely to be disputes. So, it makes sense to speak to a partnership solicitor about how you can protect your best interests.
Can you change a partnership agreement?
Yes. It is possible to make changes to your agreement. However, it is important to remember that you will need to follow the process detailed in the agreement. Plus, all the partners will usually need to agree to the change in writing.
It is advisable to review your agreement every time a major change occurs or a milestone is achieved. That way, you can ensure that your agreement is still suitable for all parties involved.
Qarrar Somji
Solicitor-Advocate
Qarrar qualified as a Solicitor Advocate in 2014 having previously had experience in a varying range of litigation roles.
What our customers say
Common Legal Mistakes Businesses Are Still Making in 2026
Running a business in 2026 means operating in an increasingly complex legal and regulatory environment. Legal risks have been amplified by rapid…