Partnership
agreements
A Partnership
Agreement is formal legal document that defines the Partnership and
the relationship between the Partners, and covers such matters as
(this list is not exhaustive):
- Description
of business, details of the partnership name
- Complete
definition of partnership's assets
- Details
of accountants, bank and premises
- Details
of each partner's duties and responsibilities to the other partners
- Restrictions
on/definitions of partners' authority
- Capital
and income distribution (inc. full time/part time share arrangements)
- Holiday,
maternity/paternity pay and leave, sick pay and other entitlements
for partners
- Retirement
of a partner
- Expulsion
of a partner
- Termination
of the partnership
- Decision
making processes and method of settling disputes
Every Partnership should have a Partnership Agreement (sometimes
referred to as a Partnership Deed) since without a valid and up to
date Partnership Agreement, the Partnership runs the risk of encountering
significant expense, inconvenience, and stress if the Partnership
relationship breaks down.
The Partnership
Agreement should be drawn up by the Practice's solicitor in consultation
with the Partners to ensure that the agreement exactly reflects the
Partners wishes. The Partnership Agreement should be reviewed regularly,
and in particular each time there is a change in the Partnership.
Lockharts
Solicitors, Tavistock House South, Tavistock Square,
London WC1H 9LS
t: 020 7383 7111
f: 020 7383 7117
e: csd@lockharts.co.uk
w: www.lockharts.co.uk
Lockharts Partnership department, headed
by Rosalind Parkin, has considerable experience and expertise
in acting for partnerships and are able to offer legal advice
in the following key areas:
- Drafting
of partnership agreements
- Advising
on the meaning and enforceability of clauses in existing
Deeds
- Developments
in the law
- Negotiations
and settlements when Partners retire voluntarily or compulsory
- Advice
on internal partnership disputes, dissolutions and expulsion
of partners
- Acting
on behalf of partnerships and individual partners in ADR,
mediation, arbitration and Court proceedings
- Advising
on the enforceability of restrictive covenants
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Other solicitors specialising in general practice -  |
Further guidance on Partnership Agreements
BMA
guidance - (some of the information
may be available to BMA Members only).
Articles
on Partnership Agreements
Nurses
as Partners
Article
- "Partnership (dis)agreements" - this article is about
the issues Practice Managers may face when the Partnership is not
functioning well.
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