You could be forgiven if you think that a dispute at your partnership would have little impact on you. But do you know that NHS England can terminate your partnership due to a dispute? Or that your partnership can be dissolved if a partner walks out, risking your livelihood.
Where no written partnership agreement exists, the partnership will be a ‘partnership at will’ and will be governed by the Partnership Act 1890. This could bring about unintended consequences for you and your practice in relation to distribution of profits, expelling a partner and dissolution.
It is also critical to ensure that even where a formal written agreement is in place, that it is reviewed and updated. As your practice evolves it is important that your partnership agreement evolves with it to make sure that it is in line with current practices and standards and remains adequate to your needs.
Partnerships are a marriage. They can end in an ugly and expensive divorce if things go wrong. This is extremely stressful ultimately leading to a toll on health.
A well-structured partnership agreement ensures that the key issues are covered. Risks are mitigated. Stress and legal costs are avoided. And the partnership can work without the threat of closure.
Unless agreements are professionally drafted, partnerships are frequently prone to misunderstanding, misinterpretation and unintended invalidation. If there is no formal agreement, or if the terms of any written partnership agreement are not adhered to, reverting to the statutory terms of partnership law often results in expensive liabilities for the partners.
For expert advice, call Nath Solicitors today on 0203 670 5540 or contact us online.
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