A partnership without a written agreement runs on the Partnership Act 1890.
That means profits shared equally regardless of contribution, no power to expel a partner however badly things go, and a partnership that any partner can dissolve by giving notice.
Rules written in the nineteenth century are deciding what happens to your business. LLPs have the same problem in a different form, as without a members’ agreement, the default statutory provisions apply and they are equally unlikely to reflect what the members intended.
A partnership or LLP agreement records how a firm is owned, run and left.
We help with:
- partnership agreements for general partnerships;
- LLP members’ agreements;
- capital contributions, profit shares and drawings;
- admitting, retiring and removing partners;
- decision-making and management responsibilities; and
- restrictions on departing partners, and what happens to clients and work in progress.
For existing firms, we review agreements that have drifted out of date, which is common where the partner group has changed but the document has not, and tell you plainly where the current position leaves you exposed.
Tax treatment of partnership profits is a matter for your accountant, and we will work alongside them.
Our Approach
Legal advice that makes running and growing your business easier.
We start with your business, not the law.
Before we open a document, we want to understand what you are trying to do commercially. The legal answer is only useful if it serves that.
We get to the point.
You get a clear view of what matters and what does not, in plain English, with the real risks separated from the noise.
We give you an answer.
Not a menu of options and a shrug. We tell you what we would do, why, and where there is a genuine judgment call for you to make.
We stay available.
Whether you work with us on a single project or on a subscription, we are here for the follow-up question. We would always rather you asked.
Ways of working together
Fixed-fee projects
A single, defined piece of work for an agreed fixed fee, communicated before we engage. Reviewing a contract, drafting your terms, handling a negotiation.
No surprises and no hidden fees
Flagship Subscription
Ares Access
Ongoing support on a fixed monthly subscription, for businesses that need commercial legal input regularly rather than as the occasional one-off.
- Dedicated lawyer
- Fixed monthly fees
- Commercial advice on demand
From £500 plus VAT per month
Legal Health Check
Fixed fee of £2,000 plus VAT
Any questions?
Phone: 02382 420035
