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FAQS

Q: How can continuing partners protect their position when a partner retires?
A: You can build into the partnership deed an option to dissolve rather than buying out and indemnifying a retiring partner.
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Glossary

Term	Description
Partnership	is a means of running a business where two or more people work together and do not incorporate the business to form a limited company. Partnership can either be expressly formed by agreement or can come about when two or more poeple start working together and sharing the income and expense. There are three types of partnerships - general partnerships under the 1890 Partnership Act, Limited Partnerships under the 1907 Limited Partnership Act and Limited Liability Partnerships under the 2000 Limietd Liability Partnership Act.
Partnership Agreement (or Partnership Deed)	An agreement between the partners that sets out the roles and responsibilities of the partners and also the division of the profits and losses of the partnership. LLPs will have LLP Agreements to cover the same issues. There are very few provisions in the 1890 Partnership Act and so all partnerships should have a Partnership Agreement.

Term

Description

Partnership

is a means of running a business where two or more people work together and do not incorporate the business to form a limited company. Partnership can either be expressly formed by agreement or can come about when two or more poeple start working together and sharing the income and expense. There are three types of partnerships - general partnerships under the 1890 Partnership Act, Limited Partnerships under the 1907 Limited Partnership Act and Limited Liability Partnerships under the 2000 Limietd Liability Partnership Act.

Partnership Agreement (or Partnership Deed)

An agreement between the partners that sets out the roles and responsibilities of the partners and also the division of the profits and losses of the partnership. LLPs will have LLP Agreements to cover the same issues. There are very few provisions in the 1890 Partnership Act and so all partnerships should have a Partnership Agreement.