Family partnership agreement

Ideal for family businesses or groups of friends working together, this document provides a good framework for setting out how the business will be run. It is slightly less formal than our standard agreement, but still includes the provisions small businesses need.

Suitable for use in: England & Wales and Scotland
£28.80 inc VAT ( £24.00 ex VAT )
  • Solicitor approved
  • Plain English makes editing easy
  • Guidance notes included
  • Money back guarantee
About
Preview
Why from us
Ask a question
Customer reviews

About this document

This agreement has been drawn for people working in business together who simply do not need the “bells and whistles” of the full version we also offer - most likely because there is greater trust between 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 really useful commercial framework for your work together.

Why having a written agreement is important

The law relating to partnerships is basic, and over 100 years old. It doesn't reflect how modern day businesses operate. A good agreement therefore should not only improve on the default provisions, but also include paragraphs that set out in greater detail how your business will work.

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 there is a high level of trust between the partners. That is fine - the reason to use an 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.

When to use this document

This agreement is ideal for groups of friends working together or for a family business where there is already a high level of trust and co-operation between the business partners.

This agreement could be used in any of the following situations:

  • when two or more friends start a new business together

  • when a new person takes a share in an existing business operated by one person

  • when existing family partners want to formalise their partnership arrangement

  • when existing partners want to change the balance of control and ownership of the business

Main contents

  • Partnership shares
  • Partnership property
  • Setting up: money, shares, duration
  • Drawings
  • Meetings and voting
  • Holidays, cars and other parts of the framework
  • Accounts and records
  • Restrictions to protect other partners
  • Expulsion
  • Comprehensive termination provisions to protect ongoing partners
  • Other partnership terms
  • Other legal paragraphs to protect your interests
Draftsman

This document was written by a solicitor for Net Lawman. It complies with current English law.

What Our Clients Say
  • "I have used you in the past and am always impressed!"

    Diane Bantten (Acquit Debt Recovery)
  • "Quoted £1000 by my companies law firm - paid £10 with Net Lawman."

    Spicer and Moore Ltd.
  • "I needed to start a company fast, I searched and after looking at a few websites I came across netlawman, by far the easiest around. I will be looking again for when I need future documents fast. Thank you."

    textcards