The main attraction of setting up a business as a partnership is the lack of formality. The partners can agree on the basics of the arrangement verbally, in writing or even implied through conduct. For example where parties start working together without discussing the details but still work towards the same goal of making a profit. Partners are personally liable for the debts of the business and can normally be terminated with little or no notice. Unfortunately, partners sometimes fall out and as a result the partnership comes to an end. If you find yourself and need legal assistance get in touch.
If you do decide to draft a partnership deed to set out some rules for the partnership have a look at our guide for useful tips. We can also assist you with the drafting at a clear and fixed cost.
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