Partnership Agreement Solicitors

In Northern Ireland it is not legally required to have a formal written partnership agreement to operate a partnership. However, it is highly recommended to have one in place to clarify the partnership's structure and rules, as well as to protect the interests of the partners.

A comprehensive partnership agreement should include details about the partners' roles, capital contributions, profit and loss sharing, management and decision-making processes, dispute resolution methods, and exit strategies. It may also address issues like buy-sell agreements and non-compete clauses.

Yes, a partnership agreement can be amended or modified, but the process for doing so should be outlined in the agreement. Changes typically require the consent of all partners or a specified majority.

A well-drafted partnership agreement will typically include provisions for a partner's exit, specifying the process for selling or transferring the departing partner's interest to the remaining partners or a third party.

We know that funding a partnership agreement might be a worry, so we offer a range of options. These include:

• Legal expenses cover

• After the Event insurance (ATE insurance)

• Private payment

In Northern Ireland there is no specific legal time limit for drafting a partnership agreement. The process of drafting a partnership agreement largely depends on the partners' needs, the complexity of the partnership, and the negotiations involved. However, it's important to initiate the drafting process as early as possible to establish a clear framework for the partnership's operation and to prevent misunderstandings and disputes among partners.