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Partnership, LLP and Joint Venture Agreements

Partnership, LLP and Joint Venture Agreements

While it is often a misunderstood position, partnerships can in fact be formed in the absence of a formal agreement. Often referred to as a partnership at will, in the event of a dispute between partners and in the absence of a formal partnership agreement, a partnership may be dissolved at any time upon notice, notwithstanding the length of time the partners were in business together and the amount of goodwill and assets in the partnership.

Due to this uncertainty, it is highly recommended that partners enter into a formal partnership agreement in order to effectively govern their conduct within the business. Matters for consideration will include: duration, capital and current accounts, drawings, duties, the process for incoming and retiring partners, restrictions and dissolution.

Corporate Transaction Series (2/5): Due Diligence

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In our second instalment of our corporate transaction series, we look at the vital role that the due diligence process plays in making a success of any transaction. Having made the decision to acquire a business, the buyer will want to maximise the...

BakerLaw LLP Employment News: Winter Edition

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We have today circulated our quarterly Employment Law Newsletter. In this edition you can indulge in the following articles and news: A fresh start for the New Year - Are your employment documents in order? Key Employment Law dates for 2018 No males...