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Philip Astles

What Is A Business Partnership Agreement? Philip Astles, Managing partner of Kidd Rapinet in Slough, specialises in all aspects of Commercial Law. Here he answers a question he is frequently asked, “What is a Business Partnership Agreement?� A business partnership agreement is needed when two or more companies, businesses or individuals come together due to one needing a product or skill that the other can provide, who in return would probably receive payment for their services or product. The business partnership agreement comes under the Partnership Act 1890, which contains particular rules that will apply to your partnership. This will give clarity, set out all mutual expectations and a framework to how the business is to run. When entering a business partnership it is essential that you work out how you want to share the profits, as one party may have contributed more financially, one may have provided the product or helped in selling that product.

Slough office contact details: Kidd Rapinet Parliament House, St Laurence Way, Slough, Berkshire, SL1 2BW From within the UK: 01753 439089 From Overseas: +44 (0) 1753 439089 FAX: 01753 820501 DX: 42269 Slough West


Main Kidd Rapinet Website

Philip Astles

What Is A Business Partnership Agreement? If you want to end the partnership you will need to know if you provided the product, does it still belong to you or does it now belong to all in the partnership? Also consider if a partner dies, will they be leaving their share to a relative? Would you be willing to be in business with that person, as they may not have the knowledge, skills or the time to commit themselves to the business? When you have a business partnership agreement you can make provisions from the start stating that if you want to sell the business, that you can sell if you are offered the set amount agreed in the contract.

Slough office contact details: Kidd Rapinet Parliament House, St Laurence Way, Slough, Berkshire, SL1 2BW From within the UK: 01753 439089 From Overseas: +44 (0) 1753 439089 FAX: 01753 820501 DX: 42269 Slough West


Main Kidd Rapinet Website

Philip Astles

What Is A Business Partnership Agreement? If the offer meets that set amount and only one party wants to sell, then you all have to sell because the agreed offer has been met. A solicitor who is experienced in Commercial Law will make you aware of any issues that you may not have considered and can place provisions in the Agreement to solve these. The Agreement will also contain clauses to solve any disputes, giving you peace of mind that disputes will be resolved. Where there is no business partnership agreement in place from the start, there will be confusion to what role each have to play in the business and different expectations to what can be achieved which can cause a dispute. This is why it is important to have a business partnership agreement to cover any potential problems that may occur. If you would like to discuss setting up a business partnership agreement or want some advice for your business on how to protect it, please call me at Kidd Rapinet on 01753 532 541 or arrange a call back

Slough office contact details: Kidd Rapinet Parliament House, St Laurence Way, Slough, Berkshire, SL1 2BW From within the UK: 01753 439089 From Overseas: +44 (0) 1753 439089 FAX: 01753 820501 DX: 42269 Slough West

What Is A Business Partnership Agreement?  

Philip Astles, Managing partner of Kidd Rapinet in Slough, specialises in all aspects of Commercial Law. Here he answers a question he is...

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