A partnership is a business structure in which two or more people operate a business as co-owners and share income.
Partnerships are a common business structure within Australia and are generally regulated by agreement between the parties. Additionally, the partnership may be regulated by both Commonwealth and/or state/territory legislation such as the Partnership Act.
Generally, partnerships are established with little to no thought as to the legality surrounding the business structure. Particularly, little thought is given to how the partnership will be ended, which often results in disputes.
Partnership disputes generally arise in relation to:
The most effective way to ensure that disagreements do not deteriorate into partnership disputes is to execute proper partnership agreements at the commencement of the partnership.
For various reasons, however, partners can still end up in disagreement with one another. While parties may enter into a joint venture together, sometimes a party may seek to exit the partnership, or the business relationship may have irretrievably deteriorated and a departure from the venture is the only promising option. The resolution of partnership disputes is generally a matter for negation between the partners, however, at Ramsden Lawyers we are able to assist you in delivering ethical and responsive solutions including:
For further information on Partnerships see:
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