The Partnership Act 1890 defines the nature of partnership as "the relation which subsists between persons carrying on a business in common with a view to a profit" and "business" is defined as including every trade, occupation or profession". It is also implicit in the definition that these persons have agreed to participate in the profits earned.
There are no specific legal requirements involved in setting up a partnership but as a business relationship is likely to be for the long term it is essential that a Partnership Agreement be entered into between the partners – ideally before the business relationship begins - to regulate such things as capital contributions, the roles and responsibilities of the partners, the apportionment of profits and losses, ownership of intellectual and other property and an exit strategy in the event of the death or retiral of a partner.
James & George Collie have extensive experience and expertise in the preparation of Partnership Agreements and in addition we have the resources and experience to provide our clients with all of the help and assistance required in the setting up, management, development and winding up of partnerships and that in a friendly, efficient and cost effective way.
Guiding you through the maze of going into business in partnership