A partnership will be implied by the law when two or more people are in a business relationship together with the view to making a profit. Where there is no express agreement, the Partnership Act 1890 will imply certain terms into a partnership. It is, however, advisable to have a written agreement.
The essential elements of a partnership are:
All individuals share the risks and rewards of the business.
Each partner is entitled to share the net profits of the business. A contract need not provide for equal shares. It may depend upon how much the partner has invested.
Partners are jointly and severally responsible for all the debts and obligations of the business without any limit, including loss and damages arising from wrongful acts or omissions of their fellow partners and potential liability to third parties.
Partners have equal rights to make decisions which affect the business or the business assets.
All individuals share the ownership of the assets of the business, although they may have agreed that the firm will use an asset which is going to buy one of the partners individually
The 'Bedfords' Partnership Agreement is;
drafted and approved by qualified solicitors
valid for use in England and Wales
ready to use as drafted
fully editable and re-usable as a Microsoft Word document
The price INCLUDES:
Guidance Notes
Legal and technical support
If you require a more simple agreement for only 2 partners to a small business then please click here 
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