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Where two or more persons carry on business together with a view to generating profit, they will be considered to be in partnership. This will create a joint and several liability in respect of the firm's creditors. This is due to the fact that in the absence of a Partnership Deed, the partnership will be governed by the Partnership Act 1890. It is, however, our opinion that the parties should not simply rely upon the Partnership Act as in most cases this does not reflect the way in which the partnership operates, nor does it deal with the main concerns of the parties.
A well drafted Partnership Deed is invaluable as evidence of the relationship and its terms. It is also extremely useful as a document to refer to, as it can provide solutions to possible disagreements and help to avoid lengthy and costly disputes. Accordingly, we believe that it is essential that any people going into business together should have such a Deed.
The partnership law specialists at Coupe Bradbury will be pleased to draft a Partnership Deed for you; please get in touch for more information or to make an appointment.
Contact our Commercial Law department
Colin McGlue
Email: Colin@coupe-bradbury.com Telephone number: 01253 736670 Fax: 01253 794108
Colin is based at our Lytham office: The Chapel House, Bath Street, Lytham, Lancashire FY8 5ES
Contact our Commercial Law department
Matthew Scott
Email: Matt@coupe-bradbury.com Telephone number: 01772 683000 Fax: 01772 685060
Matthew is based at our Kirkham office: 48 Poulton Street, Kirkham, Lancashire, PR4 2AH
