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Partnership Agreements

A partnership agreement is the legal document that dictates the way a business is run and details the relationship between each partner. If there is not either an implied agreement the partnership will be considered in the eyes of the law a partnership at will and will be governed by an act from 1890, which in most cases is inappropriate for modern business.

Without a written partnership agreement the 1890 Partnership act will mean that thereis no right to expel a partner, any partner may dissolve the partnership and if a partener dies, the business dissolves and there is no power to resign under the Partnership act but a partner can retire by dissolving the partnership. 

These are pretty crucial reasons for partners to set down their agreement and understanding in a written partnership agreement. 

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