In its most basic form, a partnership agreement is an agreement between two or more parties and provides for an understanding of the business relationship that you have with your partners in your business. The partnership agreement will detail how the business profits will be divided amongst the partners, the rights and responsibilities of the partners, the procedures to take when a partner leaves the business, and other important rules and guidelines. A proper and well drafted partnership agreement can also help to avoid conflict which may arise between the partners. Where the terms of a partnership are not clearly set out and recorded, disputes may arise over ownership division, the roles and responsibilities of the partners, and the division of assets upon termination of the partnership. Also, structured correctly, limited partnerships and limited liability partnerships can enjoy significant tax and confidentiality benefits.
At Sodagar & Company, we can advise on every aspect of partnerships, practice and regulation. We can assist you in drafting the appropriate partnership agreement to suit your business objectives. Whether it is a general partnership agreement, a limited partnership agreement or a limited liability partnership agreement, our team, in close collaboration with other professionals, can advise as to what structure is most suited in your particular circumstances. We act for professional practices as well as individual partners and small to large organizations.
We also advise on partnerships as vehicles for joint ventures and other co-operation arrangements and as part of asset holding and owning structures, including real estate. Please contact us to see how we can assist with your partnership needs.