A partnership is a relationship whereby two or more people or entities carry on a business for common benefit and distribute income or losses between themselves. When entering into a partnership relationship, careful consideration should be given as to the nature of the relationship and prospective issues, including but not limited to potential exposure to liability for acts and omissions of the other partner, and how the relationship is to be documented.
Entering into a written partnership agreement can assist the parties to clarify relevant rights and obligations with a view to avoid misunderstandings or disputes. In most cases, disputes 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.
Forge Legal’s professional team has decades of experience assisting business’ draft a suitable partnership agreement, and otherwise provide advice concerning the operation of an existing partnership and related issues, including where applicable partnership disputes. If you require assistance in relation to any partnership matter or to navigate around potential disputes, contact our team to make sure you are in the best position to make the best decisions.