Partnership & Company, Business Law Agreements, Mid Wales

Partnership & Company Law, Agreement, Business, Newtown, Welshpool, Shrewsbury, Aberystwyth, Rhayader, Llanidloes, Powys and Mid Wales

What is a Partnership?

A partnership is an arrangement between two or more people in a common enterprise aiming to make profit which can include:-

Farming

Accountancy

Architecture

Surveyors

Dentists

It covers a wide cross-section of society and businesses. The important thing is that there should be a written agreement regulating the relationship between the partners. Problems can arise where there is no such document e.g. when a partner dies, to avoid the bank freezing the partnership bank account provision can be made in the partnership agreement to overcome this. Contact us to set up a meeting when our lawyers at Milwyn Jenkins & Jenkins can assess your needs.

Do I need a partnership agreement?

Almost certainly. The partnership agreement will cover such matters as the allocation of partnership assets (particularly if these are not equally contributed and shared by the partners), the remuneration of the partners, holiday entitlement, pension provision, as well as a host of other extremely important aspects of your business including what happens at the termination of the business relationship. In the absence of any such written agreement, the law will make certain assumptions about your business arrangements which may be entirely unsuitable for your specific situation. Whether yours is a professional partnership (e.g. doctors, dentists, accountants) or other form of business partnership (e.g. farming, trading, retail, haulage, etc), you should take detailed legal advice. For help from Milwyn Jenkins & Jenkins in this area contact us.

What is a limited liability partnership (LLP)?

This is a relatively new type of partnership which is registered at Companies House and where the partners' liabilities can be limited to a degree. It can be a partnership of companies as well as individuals. For more advice from our lawyers at Milwyn Jenkins & Jenkins in this area contact us.

What is a Company?

A company has a distinct legal entity or personality which means that it can transact business on its own behalf. The Directors of the Company make decisions on behalf of the Company and manage its affairs. The shareholders are the owners of the Company and they derive an income from the return on their capital investment in the Company. There are many different types of Company including incorporated charities. For more advice from our lawyers at Milwyn Jenkins & Jenkins in this area contact us.

Also contact us if you are already trading as a sole trader or partner and are considering incorporating your business. Milwyn Jenkins & Jenkins can advise you of the advantages and disadvantages of incorporation and take you through the incorporation process.

Who do I contact?

Our specialist lawyers at Milwyn Jenkins & Jenkins Solicitors will be happy to advise and assist you without obligation in plain English and will be happy to answer any questions or queries you may have. Telephone us now for a free initial discussion on 01686 412166 or complete our online enquiry form or e-mail us at web@mjjsolicitors.co.uk