Guidance Note: Partnerships

This Guidance Note: Partnerships explains the main legal principles of UK partnership law that are relevant when starting a business using a partnership as the business vehicle.

It helps you think through the choice of business structure and outlines the legal issues involved in forming a partnership and putting a partnership agreement in place. It also includes a comparison chart covering a sole trader, partnership, limited liability partnership and limited liability company.

What does Guidance Note: Partnerships do?

It provides an overview of partnership law and the practical and legal points to consider when setting up a partnership and agreeing written terms between the partners.

When should you use Guidance Note: Partnerships?

You should use it when you are considering a partnership for a new or existing business and want a clear explanation of the key legal issues before preparing a partnership agreement.

How Guidance Note: Partnerships is set out

The guidance note includes a legal structure comparison chart between a sole trader, partnership, limited liability partnership and limited liability company.

What else you may need

This guidance note should be read alongside Partnership Checklist and the Basic Partnership Agreement Template and Long Form Partnership Agreement.

These templates are drafted by experienced corporate solicitors and reflect the Companies Act 2006 and, where relevant, the Economic Crime and Corporate Transparency Act 2023.

Guidance Note: Partnerships is part of Corporate. Just £38.50 + VAT provides unlimited downloads from Corporate for 1 year.