Partnerships are often set up between a number of individuals that have a close personal and business relationship with their fellow partners and as a result when there is a falling out between them, any dispute can be more personal and difficult in nature. This is particularly the case where family members are involved.
Although most successful partnerships are governed by a partnership agreement which seeks to regulate the position between partners and their duties and responsibilities, many partnerships do not have such an agreement in place. This regularly occurs where you may have a number of individuals who set up the business many years before, got on well together at that time, and never turned their minds to what may happen in the future if a dispute arose between them. They go on to invest a great deal of time and effort towards the success of the business. However as the partnership becomes successful, circumstances can change and disputes may arise whether there is an existing agreement or not.
Such disputes will often involve the rights and duties of partners under a partnership agreement or where there is no such agreement under statute. There may be issues for example regarding the share of profits, misconduct or fraudulent activity, or the removal of a partner. Where there is a partnership agreement its provisions need to be carefully considered.
It is critical that partnership disputes are resolved at an early stage if possible.
At Ison Harrison we have a team of experienced solicitors who can provide practical and legal advice whether in relation to protecting and preserving the partnership business itself or advising any individual partner. We work closely with the Corporate team at Ison Harrison to facilitate and finalise any resolution where possible. However, where that cannot be achieved we are able to provide full support and representation should litigation prove necessary. We regularly advise partnerships in a number of sectors including dentists, general practitioners, accountants and more.