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Buachaill
Buachaill, Barrister
Category: Law
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Experience:  Barrister 17 years experience
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I am a solicitor going through a partnership dispute. There

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i am a solicitor going through a partnership dispute. There is no partnership agreement in place. My partner refuses to give me access to the accounts and am often left chasing payments. She has suggested that we part with our respective departments.
I on the other cannot agree as I have worked 4 years to build up the business and finance her department to grow.
She has now taken the step to open up another account and refuses any access to her funds or files. I have been given no funds to run my department thus leading g to personal injection of capital.
what steps can I take to safe guard my position? Can I demand 50% share of her profits and can I ask for capital etc.
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. The first thing you need to realise is that just because there is no formal written partnership agreement, this does not mean that there is a vacuum within which the partnership is operating. This is because under the Partnership Act, 1890, if there is no written partnership agreement, then the provisions of the Act apply unless otherwise agreed. So it is to here you must go to determine your respective rights and entitlements under the partnership.
Expert:  Buachaill replied 1 year ago.
2. The first rule which applies is that there is an equal division of partnership profits unless otherwise agreed. This means that you are entitled to an account of any profits your partner is making and an overall 50% of the profits of the partnership, no matter whether it is you or your partner who is making them.
Expert:  Buachaill replied 1 year ago.
3. The monies you have contributed by way of capital constitute a loan by you, as partner, to the partnership and they have to be repaid first before there is an accounting for profit and loss upon a dissolution of the partnership.
Expert:  Buachaill replied 1 year ago.
4. The other point you should be aware that an unhappy partnership is like a bad marriage. There are no real rules governing how the partnership, like marriage, should be run. So you should consider whether dissolution, like divorce, might sometimes be the best resolution in difficult circumstances.
Expert:  Buachaill replied 1 year ago.
5. The one thing you should do is to seek an account of your partners' end of the partnership. Your partner is in default in not allowing you know what is going on with her end of the partnership. So you can seek the intervention of the court to enforce this right to an account of all partnership assets and monies.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10409
Experience: Barrister 17 years experience
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