Partnerships
Good planning and strong relationships is an essential part of creating a successful business partnership. Whether you are a small family run business or a large professional practice we have the experience and expertise available to support you.
We strongly recommend a carefully drafted partnership agreement is prepared and reviewed regularly to set out positions clearly and help avoid disputes. In the absence of any such agreement the law found in the Partnership Act 1890 steps into the breach. The downside of this is that a law written in Victorian times may not always be suitable for a modern business!
Amongst other things the agreement may cover:
- partners´ duties
- decision-making procedures
- profit-sharing arrangements
- partnership capital and interest arrangements
- banking and financial arrangements
- partner retirement procedures
- death of a partner
- arbitration for unresolved disputes
- business valuation procedures
Professional partnerships and LLPs have specialised business, accounting and tax requirements and accordingly several of our partners and staff have the expert knowledge required that can help support them. Our client’s in this area include various solicitors, dentists, doctors and architects.
Every partnership’s needs are different though, and at Plummer Parsons we individually tailor our service to suit your specific requirements, so contact us today.