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Partnership agreement

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This is a modern, comprehensive partnership agreement suitable for a business in any industry and with any number of partners.

It covers a large number of practical, commercial and administrative points that will help you manage your business and inter-partner relationships. This document should give you a high level of protection in today’s environment.

Despite the completeness and thoroughness of this document, editing is easy. It is written in plain English, without legal jargon or complicated paragraph referencing so that you can simply and easily delete what you don't need.

Suitable for use in: England & Wales and Scotland

£45.60 inc VAT
(£38.00 ex VAT)
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Partnership dissolution agreement

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This is a professionally drawn, simple agreement to dissolve a partnership. It gives you the legal and commercial framework you need for tying up the most important of the “loose ends” when you go your separate ways.

Most importantly, it is a document that negates the provisions for dissolution as contained in the Partnership Act 1890, most of which do not reflect how businesses operate today.

The agreement covers points such as what each partner will “buy” out of the business, who (if anyone) takes over the business, and how debts and assets will be divided.

Use also as a discussion document for your talks about separation. Partnership dissolutions can be stressful and time consuming. This agreement will enable you first to identify, then to deal simply and quickly with the main issues.

This agreement is ideal for small partnerships but can be used for larger ones as well. It can be used for businesses in any industry, from accounting to architecture to trades.

Suitable for use in: England & Wales and Scotland

£10.80 inc VAT
(£9.00 ex VAT)
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Family partnership agreement

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This partnership agreement has been drawn for people working in business together who simply do not need the full version we also offer - most likely because there is already a high level of trust and co-operation between the business partners.

However, we must make clear that this is not a basic or cut down version. This document has been professionally drawn to protect your interests and to provide a useful commercial framework for your work together.

Many families or groups of friends enter into business with each other without a formal agreement because they feel that there is no need to formalise the relationship when the partners trust each other. That is fine - the reason to use a partnership agreement with family and friends does not have to be for protection, but should be to contract out of the brutal default provisions of the Partnership Act 1890.

This agreement is ideal for groups of friends working together or for a family business, and for example, could be put in place when:

  • two or more friends start a new business together
  • a new person takes a share in an existing business operated by one person
  • existing family partners want to formalise their partnership agreement
  • existing partners want to change the balance of control and ownership of the business

Suitable for use in: England & Wales and Scotland

£28.80 inc VAT
(£24.00 ex VAT)
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Limited liability partnership agreement

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Protect your privacy with this professionally drawn and comprehensive limited liability partnership agreement.

The Limited Liability Partnership Act 2000 provides the structural framework for this agreement. Within that framework, you are free to make whatever arrangements you like, subject to normal contract law. This gives you great freedom, which is reflected in the many suggestions given in this agreement.

In this version, most or all partners are involved in running the business. It is drawn to cover a wide range of business sectors.

The document provides for statutory requirements as well as all usual inter-partner issues.

It also provides additional terms covering how a modern day business operates. Use it not only to protect legal rights but also to set out how you want your LLP to work.

The agreement covers not only partner rights, management obligations and procedures, but for example: protection of established and new intellectual property and derived products.

Suitable for use in: England & Wales and Scotland

£46.80 inc VAT
(£39.00 ex VAT)
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Limited liability partnership agreement: managing partner and investors

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This is a version of our standard LLP agreement, drawn for circumstances where one or more managing partners operate a business on behalf of others who do not play an active role in the day to day management.

It is most likely to be used to set out arrangements for an investment business, such as a venture capital fund or a vehicle for a family-owned company, where you want the privacy provided by an LLP.

It sets out the arrangements between the partners in much the same way as a shareholders’ agreement for a company. This document is suitable for a business in any industry.

Example uses of this document

  • for a business where there are regular changes in ownership of partnership 'shares'
  • where you have a greater requirement for privacy than is possible using a limited company
  • where you want to limit the liability of investor partners by transferring from a conventional partnership
  • where the partners are scattered, maybe working in different cities

where the nature of the business is high risk, and there is a requirement to keep safe the personal assets of the partners

Suitable for use in: England & Wales and Scotland

£46.80 inc VAT
(£39.00 ex VAT)
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Admission of new partner agreement

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This is a simple agreement whereby the old and new partners are joined in the terms of the original partnership deed.

The old partners give an indemnity against problems which might arise in connection with the time before the introduction of the new partner.

The document is suitable for an ordinary partnership or a limited liability partnership.

Suitable for use in: England & Wales and Scotland

£16.80 inc VAT
(£14.00 ex VAT)
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Limited partnership agreement

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This is a professionally drawn agreement to set up a partnership under the Limited Partnerships Act 1907.

This form of agreement is used most commonly for high risk ventures in property, finance, mining or research, where one or more partners is a limited company.

A limited partnership enables a single partner to carry the liability. That partner may be a limited company with few or no assets, so preserving the assets of other partners. Often, all partners are companies.

The registration requirement is very light. There is no requirement for submission of returns. Secrecy can be maintained.

The business of the partnership is assumed to be a single project or goal, short or long term.

Suitable for use in: England & Wales and Scotland

£46.80 inc VAT
(£39.00 ex VAT)

What matters are the arrangements, not the business sector

A partnership agreement is all about the structure and management of a business. It does not matter what industry the partners work in. They could be professionals, like accountants or architects, they could be tradespeople like retailers or home extension experts, or they could operate a more unusual business in property or finance or international trade.

Furthermore, your business as partners could be a single specific project, such as a technology development project, and does not necessarily have to be commercial in nature.

Avoiding the 1890 Partnership Act

The law relating to partnerships is over 100 years old. It provides default positions if you have no agreement.

The problem is that, for the modern business, those positions are unlikely to be what you want. In particular, you are likely neither to want equal ownership and liability with other partners, nor the default method for ending the partnership.

Unless your agreement states otherwise, all partners have equal rights to take on contracts and equal responsibility to fulfil them. Profits and losses are also shared equally.

Commonly in partnerships, disagreements occur over contributions to the business and how profit and assets should be divided. In the real world, partners do not contribute equally.

Your agreement should set out how skills, initial funding, different working hours and “assets” such as customer contact lists are valued, because different people place very different values on them. If you work for six days a week but your partner only works for two, you will want to make sure you are rewarded for your additional effort.

Liability is also joint and equal. Without an agreement stating otherwise, a partner could make a contract in the course of partnership business that carries high risk. If that contract goes wrong, he or she, and all the other partners are liable for partnership debts equally. A partner in a business that isn’t regulated by a partnership agreement can find himself or herself in a position of personal bankruptcy as a result of a bad decision made by someone else, and about which the partner wasn’t made aware.

The other default position of the 1890 Act to avoid relates the ending of the partnership – the dissolution. The Act provides only one way to handle a partnership split or break. That is to put everything under the hammer at auction, leaving the partners to buy or not, as they choose. In our regulated society and business environment, that outdated provision can cause huge problems. The only way to avoid it is to have a modern partnership agreement which provides a proper exit route.

However, there is far more to a Net Lawman partnership agreement than just overriding these defaults. Each of these documents provides a large framework for a modern partnership with many options, and extensive notes that guide you carefully through, paragraph by paragraph.

Why a short agreement is unlikely to be suitable for you

Other partnership agreements on the Internet, particularly ‘short’ versions, might cover the basics to form a partnership, but they aren’t likely to protect your interest in your new business sufficiently. Far more issues are considered in our documents than in any other template we have seen.

For example, the Net Lawman agreements provide a set of easy to edit paragraphs covering intellectual property protection in depth. Most businesses have valuable IP, whether know-how or designs, but few partnership agreements address intellectual property, whether recognising who brings it into partnership, or who has the right to use it during and once the partnership ends. We help you to identify and protect ownership of valuable intellectual property and other assets that belong to just one partner.

Who should use these agreements

The purpose of a partnership agreement is to set out the arrangements between the parties about how they will work, in much the same way as a shareholders’ agreement for a company. So these templates have a wide range of uses.

  • They are ideal for partnerships with between two and ten partners.
  • Ownership of partnership assets and share of income and expenses does not have to be in equal proportions. Your sharing ratio could be 50:50, but it could also be 60:40, 70:30 or any other.
  • These agreements can be used if one or more of the partners is 'sleeping' or 'silent', i.e. contributes money, experience or assets but does not take part in the day to day running of the business.
  • Whilst partners are likely to be human individuals, these agreements can be used where one or more is a company or a not-for-profit organisation.

What the agreements contain

You need a partnership agreement to record all the points agreed about what exactly is the partnership business; how you will manage it; who may take out what money, and much more.

These are professionally drawn, comprehensive documents designed to protect and help you. As well as giving you a legal structure, they contain extensive commercial and practical provisions that will help you manage your business and inter-partner relationships.

Despite the completeness and thoroughness of these documents, editing is easy. They are written in plain English, without legal jargon or complicated paragraph referencing so that you can simply and easily delete what you don't need.

Just a few of the provisions covered include:

  • loans to the partnership
  • banking arrangements
  • records and accounts
  • meetings and voting
  • holidays and absence
  • cars
  • insurance
  • good faith
  • partnership policies
  • restrictions on partners
  • intellectual property
  • confidentiality
  • no competition
  • expulsion
  • termination of the partnership
  • after termination
  • indemnity for the partnership
  • publicity and announcements

Limited liability partnerships

Two of these documents are LLP agreements. One covers a situation where all the partners work in the business and the other deals with working partners and “silent” partners. The latter are usually financiers or investors.

These agreements provide for the differences in the legal structure of LLPs, and also set down a management regimen which is slightly stricter than that for a standard partnership. You could say it was a step closer to the management of a limited company.

These too, are comprehensive documents with many options. For example, if your business is in science, technology or creative work, you will appreciate the very full provisions for management and protection of established and new intellectual property rights, new inventions, and derived products.

The limited partnership agreements also cover:

  • basic provisions and legal requirements for an LLP
  • partnership shares and variations
  • partnership property, capital and shares
  • loans to the partnership
  • duties of designated partners
  • actions for which partnership consent is required
  • management and partner control issues
  • intellectual property protection options
  • confidentiality
  • restrictions on partners
  • retirement, death or expulsion
  • termination of the partnership
  • information required by the Registrar

Limited partnerships

This document concerns a partnership “animal” which has been quietly active for over 100 years. The Limited Partnerships Act 1907 enables you to set up a trading vehicle where only one partner can be liable if things go wrong. Unlike the modern LLP, no registration is required and no special rules apply. So far as it is regulated, the Partnership Act 1890 applies, as it does to any ordinary partnership.

Why choose Net Lawman

Immediate delivery of the document template by e-mail after checkout
DocX file format compatible with all popular PC & Mac word processing software. We can convert into other formats for you
Use of plain English makes our documents easy to edit and understand
Detailed guidance notes explain the purpose of each paragraph and how to edit
Review service available - a Net Lawman lawyer can check your edited document
Full money back guarantee if the document isn't right for you
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