7 Reasons Why You Don’t Need a Partnership Agreement

7 Reasons Why You Don’t Need a Partnership Agreement – Reason #6

Published: 28/08/2020

Written by Spencer Laymond

Continuing our series “7 Reasons Why You Don’t Need a Partnership Agreement”, our in-house company law expert Spencer Laymond, has turned this subject on its head, to set out and defend seven reasons why you don’t need a partnership agreement.

If you missed the previous reasons they can be found below:

Reason 6 - Even if a partner's conduct is akin to gross misconduct, they are disqualified from their profession, they have committed murder, it is reasonable not to have a right to expel them

If the principle of the partnership is "partners until death do us part", so no matter what behaviour or scenario affecting another partner, once in the partnership they have guaranteed membership for life, then you don’t need a partnership agreement.

Check the law yourself

Under the Partnership Act 1890, section 25 provides that no majority of the partners can expel any partner unless power to do so has been conferred by express agreement between the partners.

If on the other hand you may be concerned with not having an effective remedy if a partner stops performing, breaches an agreement; suffers prolonged mental or physical ill health, becomes insolvent, gets disqualified, ceases to hold relevant qualifications, neglects to perform his or her duties, being found guilty of a serious criminal activity or otherwise bringing the partnership into disrepute, then a partnership agreement will be required.

Next week – the Final Reason – Reason 7 – Why You Don’t Need a Partnership Agreement

Don’t forget to tune into next week’s final Reason, Reason 7 - It is reasonable for one partner to take full responsibility for paying the debts and liabilities of a bankrupt partner.

Please note that our briefings are for informational purposes only, and do not constitute legal advice.

testimonials

Bradley of Curwens is the most highly efficient, sharp and highly skilled conveyancer I have ever used. My sale went through quickly and effortlessly with no stress at all. Conveyancing at its best. Hurrah and Thank you.

Katie from North London

Kaajal at Curwens was terrific - really friendly and unintimidating, patient in explaining the legal-speak of the severance agreement I was being asked to sign, while also being extremely efficient in processing it all! I would unreservedly recommend Kaajal and Curwens to anybody looking for friendly and painless help with any potentially daunting legal process.

Mike from Palmers Green

We had a very good experience on our house sale with Maryam and Christina. They were knowledgeable, courteous and understanding throughout. I would definitely recommend them and have no hesitation using Curwens again for any legal representation!!

The Thompsons from Finchley

I would highly recommend Curwens. They handled the probate on my late father’s estate in a highly professional manner and explained the whole process clearly. The staff are friendly and kind and dealt with any issues I had promptly. Thank you. Much appreciated.

John from Harlow

I would like to thank the Employment team, and especially Kaajal for assisting me during my redundancy. She remained calm, when I was upset and shocked. The whole process was dealt with within one week, meaning I could go on to find further employment.

Pritti from Surrey

Our purchase was sabotaged by XXXXXXXXXX, and our mortgage offer had expired. Luckily, our lender gave us a one week extension of the mortgage offer. Curwens took over, and magic happened. We completed the purchase on time. Best Service ever!

William from London

I would like to thank you Amanda for all your support during this process. I felt very pleased you were my solicitor, you gave me confidence and reassurance, I felt in very safe hands.

Anonymous

You have helped us on a fair few issues now. On every occasion you have made us feel like we were your only client at the time… we couldn’t have got through our HR situations without your guidance.

HR Director, Milbridge Group PLC

I just wanted to say thank you for all of your help with getting our office lease done. Bradley, Sandra and Sarah were so responsive and it was a pleasure working with you.

Clinton Gomer, Energy House Digital

‹ ›

GET IN TOUCH

Any data that you submit using this web form will be held by our firm as Data Controller and will be held securely for 12 months before being securely and confidentially destroyed.
Find out more Your data will not be disclosed to any third parties without your consent or as otherwise allowed by the relevant Data Protection legislation and will only be used for responding to your query (or purposes associated with that purpose).

You have the right to be informed about what data we hold about you along with other rights set out in the legislation. Further information about your rights under the data protection legislation can be found at www.ico.org.uk

Full details can be found here

(*)

Please let us know your name.

(*)

Please enter a valid phone number

(*)

Error, invalid email address or address already exists in a contact request.

Invalid Input

(*)

Please select an office

(*)

Please let us know your message.

CURWENS NEWS

Why the right Commercial Agreements can be a foundation for your business success 16/12/2024 Read more

Law Update: The Renters Rights Bill 17/12/2024 Read more

Why a “fair” division of matrimonial assets might not actually mean an “equal” split. 18/12/2024 Read more

View all latest news

testimonials

Katie from North London

Mike from Palmers Green

The Thompsons from Finchley

John from Harlow

Pritti from Surrey

William from London

I would like to thank you Amanda for all your support during this process. I felt very pleased you were my solicitor, you gave me confidence and reassurance, I felt in very safe hands.

Anonymous

HR Director, Milbridge Group PLC

I just wanted to say thank you for all of your help with getting our office lease done. Bradley, Sandra and Sarah were so responsive and it was a pleasure working with you.

Clinton Gomer, Energy House Digital

‹ ›

GET IN TOUCH

(*)

Please let us know your name.

(*)

Please enter a valid phone number

(*)

Error, invalid email address or address already exists in a contact request.

Invalid Input

(*)

Please select an office

(*)

Please let us know your message.

Blogs