A partnership can be easily formed (put at its simplest it is the relationship which subsists between at least two people carrying on a business in common with a view to a profit), however it is not something that should be entered into without proper consideration.

You should give thought to whether or not a traditional partnership is the right entity for you, or whether or not an alternative structure may be better (an LLP or limited company, for example); we can assist with this.

Assuming a partnership is the way forward, then, a formal partnership deed that reflects the terms you have agreed and that it is kept up to date as the business develops will be a crucial document. It is this document that will set out the parameters of your relationship (who the partners are and what shares they will have, what the partnership business is and how profits/losses are to be shared, to name a few) and in the absence of such a document, you may discover that the way the law deals with the partnership is very different to what you had intended.

We have over 60 years of experience in dealing with partnership law and can advise on formation, throughout the partnership’s life and on dissolution. If problems develop between partners our experienced commercial litigation team can advise partners on partnership disputes and resolution.