7 Reasons Why You Don’t Need a Partnership Agreement

7 Reasons Why You Don’t Need a Partnership Agreement – Reason #5

Published: 21/08/2020

Written by Curwens Solicitors

Continuing our series “7 Reasons Why You Don’t Need a Partnership Agreement”, our in-house company law expert Spencer Laymond, has turned this subject on its head, to set out and defend seven reasons why you don’t need a partnership agreement.

If you missed the previous reasons they can be found below:

Reason 5 - It is reasonable for a partner leaving the business to (a) freely take with them existing partnership clients (b) work for a local competitor (c) poach existing partnership staff

If the loss of clients and customers, if the loss of staff and other partners, and if the expansion of a local competitor business at the expense of your own business is of no concern to the partnership, then you don’t not need a partnership agreement.

Check the law yourself

If you want to check the law for yourself, it will be a quick exercise. There is nothing to point to because, with the exception of a very few very limited and case specific examples, there is no law by default that provides any of these or other restrictions on partners.

On the contrary, the law that there is on the subject, is law which provides for the framework whether restrictions in an agreement are in fact enforceable because they are fair and reasonable to protect a legitimate business interest. If you don’t have restrictive covenants in an agreement, then you don’t have restrictions on competition.

So if it is important to you to protect your clients and customers, to protect your staff and partners, and to prevent your competitors to get richer at your expense, then a partnership agreement will be required.

Next week – Reason 6 – Why You Don’t Need a Partnership Agreement

Don’t forget to tune into next week’s reason 6 - Even if a partner's conduct is akin to gross misconduct, they are disqualified from their profession, they have committed murder, it is reasonable not to have a right to expel them

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Please note that our briefings are for informational purposes only, and do not constitute legal advice.

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