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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.

The content on elXtr has been prepared by LHS Solicitors. It’s intended as guidance only and not to be regarded as a substitute for consultation with one of our solicitors, since every case will ultimately turn on its own particular facts and circumstances. We recommend that you use our materials as your starting point and be aware that you sometimes have to follow a set procedure before taking any action, especially in an employment context. If you are in any doubt, we’d suggest that you get in touch with us and we’ll talk you through your options on how to get the right legal advice.