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Business partnership disputes

Business partnership disputes are considerably easier to solve if a comprehensive partnership agreement has been written. Partnership agreements will largely be based on the same principles in every partnership, although there is plenty of scope for variation depending on the type of business and the partners involved.

Partnerships are created when two or more people work together, sharing the profits and losses of a business. Partnerships are governed by the Partnership Act 1890 and the provisions of this Act will apply in the absence of a partnership agreement. Unfortunately, the provisions of the Act are rather outdated and fail to cover important points relevant to modern day partnerships; as a result all partnerships should instruct a solicitor at the very outset to create an agreement which covers all eventualities. Many partnership agreements have a clause which states that if the partners disagree about something then they must go to arbitration first and attempt to solve the dispute this way. This saves the partners money and allows disputes to be heard by a specialist in the field.

Unfortunately, partnership disputes are common; however, a good partnership agreement will assist in solving them quickly and easily by providing for eventualities that would otherwise involve deadlock and possible dissolution of the partnership. For example, if there is a decision that is very important to the partnership do the partners vote on the issue? What happens if there is a deadlock in votes? A comprehensive agreement will deal with these issues and is likely to save on future costs for the partners in the long run and help to prevent disputes.

If you would like to obtain legal advice on partnership disputes or any related issue, Caven can put you in touch with a local specialist business law / partnership dispute solicitor free of charge. So, if you have any questions or would like our help in finding business law / partnership dispute solicitors please call us on 0800 1777 167 or complete the web-form above.

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