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Hi, Im Reena Popat from Carter Bond Solicitors and today well be discussing some key clauses that Every Partnership Agreement Must Contain. Keep watching to find out more Forming a partnership to start a business is an attractive option for many, particularly if there are low business risks. However, even if you dont form a company together to begin trading, once youre in business with another person, that person is legally considered your business partner, and you could wind up being liable for his or her business debts down the road without a formal partnership agreement in place. Thats why partnership agreements are so crucial when going into business with someone else, be it a friend or family member. With this in mind, here are a few points to consider on what every well-drafted partnership agreement should contain. In line with the Partnership Agreement Act of 1890, all such agreements should cover the following: - The nature of the partnership. - The relations of partners
