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Civil Litigation Videos
Partnership Disputes
Date when Video was Published: 01/07/2017
Script for the above Video
A Partnership, is the relation which subsists between persons carrying on a business in common with a view of profit.
Partnerships are the most common form of business relationships which are usually entered in to informally by individuals. It is very common for individuals to enter into a business partnership purely on a ‘gentleman’s agreement’. The problems only start when the business relationship becomes strained and when you get embroiled in a bitter disagreement with the other/s in the business.
Disputes within partnerships are often much easier to resolve if there is a written partnership agreement and if drafted well, will cover most eventualities. In the absence of an agreement, profits, losses and management control are automatically shared equally between the partners and individual partners can be personally liable for partnership debts.
More so, the departure of a partner – for example, as the result of a partnership dispute - may automatically dissolve the partnership with important legal and tax consequences. This will mean an end to the business, the sale of its assets, the payment of its creditors and any monies left distributed amongst the partners. This certainly is pretty disastrous for the continuation of the business, if desired.
More problematic are therefore the disputes involving partnerships without any written agreement – which are governed by the 1890 Partnership Act.
If you are in disagreement with your business partner/s and need immediate advice, you can call our committed commercial litigation team on – details can be found on our website; www.duncanlewis.com or call to speak to one of our experienced lawyers on 020 7 923 4020.
Disclaimer
This video content was created on 01/07/2017 to provide an overview of the legal position and the information was correct at the time this video was created. This video has been produced for purposes of generic information and marketing purposes only. While the information on this site is about legal issues, it is not intended as legal advice or as a substitute for the particularised advice of your own legal advisor. Please consult one of our lawyers to provide you with advice and assistance on any matters touched on this video. Viewing of this video does not create legally binding advice and does not create a retainer with Duncan Lewis Solicitors.
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