Partnership
Without a Partnership Agreement in place, the legal rights of parties in a partnership will be determined by Irish partnership law. We advise on all aspects of partnership law, from the formation of partnerships, legal issues that may arise between partners, to the dissolution of partnerships. It never too late for Partners to create and sign up to a Partnership Agreement. Prevention is normally better than cure and in our experience the time and expense on a Partnership Agreement will save considerable time and expense later in the partnership when trying to resolve issues that will invariably arise.
A well-documented partnership agreement and fair reward structure will help avoid disputes and allows partners to navigate around common pitfalls. It will firstly focus on the needs of the Partnership and will, among other things, set out how the capital structure, the governance arrangements including voting powers, meetings and cash flow are established. It will also set out how the partnership business will be managed and operated, how profits are distributed, and how partnership disputes are addressed and resolved. Finally, it will also set out on the partnership will be dissolved.
In dealing with any partnership disputes we will assess if the key partnership relationships are salvageable. Where possible we will encourage mediation as a method of either rescuing relationships which have deteriorated or, where that is not possible, allowing you and your partners to part ways as amicably and privately as possible. If common ground cannot be reached, we will support and guide you through the Court process to protect your assets and reputation.
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Johnston Law are happy to help and discuss any queries, give us a call or email us today.