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Admission Of A New Partner
A New Partner Agreement is used when a new partner joins an existing business. Fully customisable and drafted by a qualified and experienced solicitor, detailing the roles and responsibilities of the new partner.
| £19.99 |
There are numerous reasons why a new person may be attached to an existing business as new partner. The new partner may be a replacement of a partner who has left the business, someone from within the business being promoted to a partner or a totally new partner being added. Whatever the reason for a new partner joining a business, implementing a New Partner Agreement will ensure that all partners, new and existing will understand their roles and responsibilities within the organisation.
What are the benefits of using a New Partner Agreement?
When adding a partner to a business it is important that the new partner will be aware of the terms and conditions of their appointment, and understand what they can expect from all other partners.
The roles of the existing partners may also change with the addition of a new partner. A New Partner Agreement can reflect these changes and ensure that all new arrangements are reflected in the provisions. If a dispute arises between business partners a New Partner Agreement can be the difference between a quick resolution and a lengthy legal battle.
What happens if a dispute arises between business partners?
If a new partner is added to a business without a New Partner Agreement being in place then the provisions of the Partnership Act 1890 will take effect. These provisions are general and may not apply directly to your specific situation. If a comprehensive New Partner Agreement is in place then the partners will simply need to refer to the contract and implement the provisions which were agreed to when the partner joined the business.
The New Partner Agreement template is fully customisable to ensure that it is suitable for your business’ individual needs. Drafted by a qualified and experienced solicitor and written in plain English, the template is easy to understand and comes with explanatory notes. If you are adding a new partner to your business then this is an affordable way to ensure everyone understands the new terms and conditions.
| £19.99 |
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