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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.

Zero Points for Hindsight: ending a contract the right way

Mark Ridley
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Choose your words carefully.  That was the message from the High Court recently in the high-profile case of Phones 4u Ltd (In Administration) v EE Ltd .  The court ruled that EE were not allowed to claim damages arising from alleged breaches of...

Haven't got around to making a Will?

Debbie Duggan
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If you haven’t yet got around to making a Will why not take this opportunity to do so?    If, like me, you are wondering where 2018 is disappearing to as we near the end of February, it may be an opportunity to think about when you made...