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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3692
Experience:  Solicitors 2 years plus PQE
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Hi, my partner and I have just split from our relationship

Resolved Question:

Hi, my partner and I have just split from our relationship but also own a business together. The business is a registered partnership and was always agreed to be 50/50 but this was not put in writing. what is the best thing to do to obtain an agreement for the 50/50 split?
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome.

My name is XXXXX XXXXX I will assist you.

When you say registered partnership is it an LLP or do you have a partnership deed?

Kind regards

AJ
Customer: replied 3 years ago.
Hi, to be honest I'm not really sure as my partner set this up, what is an LLP?
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

An LLP is a Limited Liability Partnership. It would have to have been registered at Companies House

If there is no signed partnership deed, you cannot force your partner to sign one acknowledging a 50-50 split.

That said you can take comfort in the fact that the law presumes (in the absence of a partnership deed) that all losses and profits are split equally and all capital is split equally unless there is evidence to prove otherwise. This is contained in the Partnership Act 1890.

Does the partnership have any assets?

Kind regards

AJ

Customer: replied 3 years ago.
We don't have any such assets as we are a bookkeeping business and want to continue trading, how do we obtain a partnership deed?
Expert:  Alex J. replied 3 years ago.
Hi

Thank you.

The best thing to do would be ask a solicitor to draft one. If you go to the Law Society www.lawsociety.org.uk they can recommend a local solicitor who will do it for £500 plus VAT.

Alternatively they have them on these precedent websites like Simply Docs. It is a fairly standard document. You just have to agree how you will split assets, income and losses.

Kind regards

AJ
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Customer: replied 3 years ago.
Ok many thanks for your help