Business Partnerships

Our business lawyers will help you understand what you can get out of a partnership so it positively impacts your business.

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Business Partnerships - Why you need a business lawyer

Financial Assets

Providing advice on partnerships

Partnerships are constituted by two or more individuals who wish to conduct a business together. Many people do not consider the responsibilities inherent in a partnership. A lawyer can discuss your individual situation with you and help you understand what you can get out of a partnership so it positively impacts your business.

Timely Legal Services

Drafting partnership agreements

Partnerships are documented in partnership agreements and can be general or limited in nature. If you are considering a business partner or expanding your current partnership base, it is best to have the tough conversations first and ensure proper documentation is in place before expanding your business. We can help you draft a suitable partnership agreement so you get the outcome you desire from the agreement.

Dispute Resolution

Navigating and resolving partnership disputes

Disputes can often arise regarding the operation of the partnership, in particular how much income or loss is to be distributed and how the business will be controlled. A lawyer can work with you to resolve any disputes that arise, with or without valid partnership agreements, so you can work alongside your partners and work through the finer details of your business agreement.

Informing you on possible risks

There is a degree of risk in being a party to a partnership as the actions of your partners can bind you to the payment of debts and expose you directly to liability. A lawyer will explain all of the possible risks associated with entering into a partnership agreement so you are well informed to make educated decisions moving forward with the agreement.

Frequently asked questions

A partnership comprises of two or more individuals carrying a business that are all equally responsible for managing the business. Partners generally share profits and losses of the business and are jointly liable for the debts of the partnership.
When entering into a partnership relationship, careful consideration should be given to the nature of the relationship and any prospective issues such as potential exposure to liability for acts and omissions of the other partner, and how your relationship will be documented.
In general partnerships, all partners are equally responsible for the management of the business and for the payment of its debts. In limited partnerships, one or more of the partners are limited in their responsibility to pay the debts of the business.
Benefits of partnerships are relatively low costs to establish, risk and rewards are shared, wages depend on individual skills and assets contributed by each partner, and losses can be accessed directly by partners. Limitations of partnerships include exposure to joint liabilities that limits opportunity for asset protection, and there may be conflict or disagreements when decisions are made that would affect the business.
A partnership agreement, as a bare minimum, needs to be legally binding and include specific details relating to:
- How partnership disputes are to be determined;
- How proceeds and profits are to be divided; and
- How any business debts or shortfalls are to be paid.
Entering into a written partnership agreement can assist the parties involved to clarify relevant rights and obligations. It also allows the parties to avoid any misunderstandings or disputes. In the absence of an agreement, there will be no documentation to rely on if a dispute arises. This can lead to many complicated issues that may add significant cost and stress to an already stressful situation.

Why choose us

We will tell you the truth at all times

We will be honest with you about your prospects of success, issues that arise or the commercial viability of your matter. The first time you come to see us, we will tell you whether you even need a lawyer.

We will respect you and your situation

Our job is not to judge anything you may have done. Our job is to guide your matter and actions moving forward to give you the best possible outcome for you, both legally and personally.

We will listen and understand your needs

We will hear not just what you want to achieve, but why you want to achieve it. We will tell you what you need to do to achieve the outcome you are after, legally, practically and emotionally.

We will stand by you all the way

Your matter doesn’t finish once a court order has been made. We will stay on your matter right up until all of the outstanding issues have been dealt with and the court orders are complied with.

We can help you through all aspects of business partnerships

Forge Legal’s business lawyers are specialists in all areas of business law and can assist you with all business law matters.

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