The law governing partnerships in England and Wales is predominately set out in the Partnership Act 1890.
Partnership is the relation which subsists between persons carrying on a business in common with a view of profit.
s.1 Partnership Act 1890
Not to be confused with limited partnerships or limited liability partnerships (LLP), this wide definition of a commercial relationship imposes statutory controls on the operation of certain businesses, in some cases unbeknownst to those engaged in the operation of the partnership, and particularly in relation to capital, profit and loss and partnership property. We advise and assist businesses on all aspects of partnership law in England and Wales.
- The main principles of general partnership law
- Creating and managing a partnership
- Execution of deeds and documents by a partnership
- The existence and commencement of a partnership
- Preparing for and advising on the preparation of a partnership agreement
- Varying the terms of a partnership
- Admitting new partners
- The duration of a partnership
- Ownership of partnership property
- Partnership disputes
- Shares of profit and loss
- The relationship between partners and management of the partnership
- The effect of bankruptcy, retirement or death on a partnership
- The relationship between partners and third parties
- Rescission of partnership agreements
- Liability of partners