Partnership Deeds

A partnership deed should be drafted at the beginning of a business relationship. This should include:

- How much capital was provided by each partner

- The type of business

- The date the partnership formed

- How profits and losses will be shared

- Rights and duties of the partners

- What will happen on the death or retirement of a partner

 

If you do not have a partnership deed in place, you are exposing your business to potential risk and problems in the future. It is also important to update the deeds regularly, so you are not making verbal changes and agreements without it being documented. In a partnership, all partners are liable for the debts incurred by other partners, so it is sensible business practice to protect yourself, even if you trust your partners.

 

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Fraser Brown is a partnership of limited companies. Any references to partners in any document should be taken as being references to the directors of the limited companies and not to individual partners of the firm.