In the absence of a partnership agreement between business partners the law will step in to determine the rights and duties of the partners.
Under the Partnership Act 1890 all the partners are to have an equal share of the business and an equal right to the profits of the business. A partner has a right to take part in the management of the partnership if they wish, though they are not obligated to take part, and decisions are to be decided by a majority vote except changes to the nature of the business and the introduction of a new partner which require unanimous consent.
A partner cannot be expelled from such a partnership without his own consent and the consent of all the partners.
However, due to the fact that the Act has not been updated since 1890 many of the provisions are simply not relevant to modern partnerships or fail to address certain issues at all. For this reason we would always recommend entering into a formal agreement establishing the rights and duties of the various partners when entering into a professional partnership.
A member of our specialist Business Law team can provide advice as to the rights of a partner in a partnership.
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2018-19 edition Legal 500
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Forbes was instrumental in ensuring Electric Coffee Co is able to meet its growth ambitions.
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Leonard Curtis Business Solutions Group
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Focus Insolvency Group
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Former Business Owner
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Internet Trading Ltd
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The Northcote Group
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Child Action Northwest
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South Lakes Veterinary Centre
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