Partnerships and Partnership Agreement Forms

A Partnership is a way of forming a business between two or more people. In essence, the partners agree to work together in the business and share the profits between them.

There are two main types: a traditional Partnership and the more recently introduced "Limited Liability Partnership" or "LLP." An LLP has to be registered with Companies House.

In a traditional partnership, if the business makes losses or is successfully sued, the individual partners are liable, this includes their personal possessions, homes, money etc. An LLP has limited liability, so is much safer for the partners, as they are not personally liable for any losses.

On the other hand, an LLP requires:

• registration (£95) at Companies House
• more strict (but not particularly difficult) administration to meet Companies House rules
• annual publication of accounts.

In general, the LLP seems a better option for most businesses unless you are particularly confident about the risks (of losses or claims) of a traditional partnership or have reservations about revealing your accounts to the public (where your customers and competitors can inspect them).

We supply forms for both types of partnership: a traditional Partnership Agreement or an LLP Agreement.

You can purchase partnership documents individually or purchase a Business Annual Subscription giving you access to all documents, packages and forms in the Business, Company Formation, Employment and Partnerships categories for 1 year for £117.50 (incuding VAT).

The partnership documents are also included in our Full Annual Subscription (from £141.00).

If you are looking for a "partnership" between businesses, then maybe you really want our Joint Venture Agreement.

Related Clickdocs documents

• Joint Venture Agreement - an agreement between two businesses to co-operate for a specific project