Partnership agreement

[Laggard]

We need to update ours, very little needs changing from the one drawn up by the solicitor 6 years ago. Can we modify the original ourselves and the partners sign and date in front of a witness or does the solicitor need to do it? Are they registered anywhere official or do the relevant parties just need a copy?

 

[2wheels]

for the sake of a £500? solicitor's bill get it done properly or it may come back to bite you on the arse.

 

[betweenthelines]

Yeah, do it yourselves. After all if you get it wrong it's only a few hundred thousand pounds.

 

[robs1]

for the sake of a £500? solicitor's bill get it done properly or it may come back to bite you on the arse.

Plenty of arguments after having one drawn up by solicitors

 

[chipchap]

Pay your money and get it drafted properly.

For example, did you know that the terms of a partnership agreement take precedence over the will of a partner? If the two documents do not agree you are leaving yourself open to all sorts of problems.

 

[2wheels]

Plenty of arguments after having one drawn up by solicitors

true, but solicitor should do what instructed , advise on pitfalls etc..

 

[Agri Spec Solicitor]

for the sake of a £500? solicitor's bill get it done properly or it may come back to bite you on the arse.

Agree the sentiments .
I think most cases might be nearer to £1000 because there is always more than the parties think. It will inevitably involve the business accountant, and so that will be a fee too.
It is peanuts of course compared with the disputes which lead to loss of the farm which is being fought over. Sort it out whilst everyone is fairly happy.

 

[dogandstick]

What can you do when one party just ignores the agreement and believe they can do as they please?

 

[ollie989898]

May benefit from the advice of a financial planner and/or accountant as well.

 

[thorpe]

for the sake of a £500? solicitor's bill get it done properly or it may come back to bite you on the arse.

£500 you get nowt for that !

 

[2wheels]

£500 you get nowt for that !

yes, but just used that figure as an illustration.

 

[Slug Herder]

The party that writes the contract is liable for the mistakes and omissions within the agreement. Better to get the solicitor to write. Once written never look at it, it's only there for when you no longer trust each other. Happened across ours the other day 25yrs old. Yours is the debt son!

 

[Pan mixer]

A proper solicitor (with accountant input) partnership agreement saved our farm in the early noughties. No need for further details here of that.

Following the death of one of the 4 partners after that the 4 way partnership was allowed to continue as a 3 way partnership agreement since one of the existing partners was willed all the assets of the dead one.

When that partner passed away 15 years later, despite willing her portion of the partnership to the other 2 equally, a new partnership agreement had to be drawn up between the remaining two partners (me and Mrs PM) as the bank gave us a month to have one written properly or they would freeze our account. We used a pre written agreement from the NFU, modified slightly by us and then sent to the solicitor to be properly drawn up - mainly by ading lots of extra pages and waffle to my eye.

Billed us for 750 for that but our land agent said that it was the cheapest parnership agreement he had seen for years.

I don't begrudge the money, heaven forbid that my beloved and I should fall out to the point where we would need to rely on the document for a split up of any kind but following our experiences earlier in the century I am very comfortable that, if the worst happens (and it is not just death, or divorce - mental deterioration can be more irksome) everything will be able to be sorted.

Don't write your own, get a professional in, it could cost you 7 figures to not have a proper document.