Partnership is said to be “the relation which subsists between persons carrying on a business in common with a view of profit”

A partnership agreement in writing identifies the partners and sets out amongst other things the sharing arrangements between the partners and their other rights and obligations. It will often detail the amount of capital injected by each partner and may contain machinery for bringing the relationship to an end.

It is important that the partners understand how partnership responsibility affects them individually and we are able to advise our clients so that they enter into the relationship with no misconceptions

Many considerations come into play when setting up a partnership and Alston Ashby can advise and then prepare a partnership agreement that records the intentions of the parties.

This document is an important record for the partners and provides an initial reference if issues or disputes arise. Taking legal advice at the outset can save much difficulty and expense later.