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Partnerships and Unincorporated Business

One size does not fit all and for some businesses an incorporated model (such as a limited liability partnership or limited company) is neither required nor desired.

There are several unincorporated business structures, such as a partnership, co-operative or even sole trader. Whichever model you use it is important you have the correct documentation in place in order to protect both the business and you personally. For example, if two or more of you are principals in a business together it is likely that you have a partnership, even if you have not explicitly agreed as such. Unless you have a written agreement in place your relationship will be governed by the Partnership Act 1890, which may impose unintended and undesired consequences.

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Partnerships and Unincorporated Business

It is important to remember that structures are not usually set in stone and businesses can change from one type of structure, such as an unincorporated one, to another, such as an incorporated one. Whether going through a process of change is suitable for your business will depend on several factors such as the business sector you operate in, tax implications and exposure to risk.

We are experts in advising and guiding business owners on the best structure and the regulations that apply to whichever structure you are presently operating.

Please contact a member of our team for advice on any of the following:

  • Partnership agreements
  • Converting to/from partnership
  • Partners’ duties
  • Partnership disputes
  • Alternate business structures

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