Partnership Agreement

Potential Legal Implications with Partnership Agreements?

Water-Tight Contracts can help protect you from Unexpected Litigation

Written agreements are crucial to the success and future of every type of business. Regardless of whether it’s a local business or a large international corporation, legal business contracts can help enforce court action. Commercial lawyers like Rowe Bristol are trained to help a broad spectrum of clients with formulation of tracts, negotiation and protection from litigation. Seeking legal advice can help ensure that the commercial agreement covers every potential situation and challenge. Whether it’s a one-page agreement or a complex contract involving several pages, corporate lawyers can help formulate agreements that are clear-cut, purposeful and comprehensive.

Commercial lawyers offer a wide range of services that involve protecting their clients from exposure to risk. Some common services offered include:

  • Offering professional guidance with regard to business agreements covering agency, franchise , distribution, hire purchase or lease, vendor-business agreements and purchase/sale of goods and services and so on

  • Drafting contracts across a broad spectrum of businesses regardless of size and nature
  • Providing legal advice in the event of business disputes and updating clients on their rights
  • Assistance with understanding and interpretation of legal contracts and the terms and conditions contained in it
  • Checking to see if a contract(s) is complaint with Australian commercial law
  • Negotiating on behalf of clients to ensure that they get what they deserve by law

When partners initially start a business, they are usually motivated and excited about the venture and there is a tendency to agree on everything. They trust each other and believe that nothing could go wrong in the future. However, this situation could not be further from the truth.

The expectations and desires of partners often change over time and differences of opinion arise over time. Differences of opinion could arise over the use of cash flow, the direction that the business is moving in or in day-to-day operations. A water-tight, well-drafted partnership agreement can help manage business relationships and expectations in an organised and legal manner.

A partnership agreement is a written and signed contract between the owners (partners) of a company. The agreement will help define each person’s role, rights, duties and responsibilities and will also describe solutions in case potential problems. In case of limited liability agreements, the agreement may often be referred to as ‘Operating Agreement’ ( a limited liability company is a business where owners are liable for risks in proportion to their investment). Experienced lawyers can offer reliable assistance with the drafting of complex and lengthy agreements where it is extremely important to be accurate and unambiguous. Seeking guidance also provides peace of mind by leavings you free to concentrate on other aspects of the business.