Partnership Agreement Review

A partnership without a written agreement is governed by the Partnership Act 1890, which is a perfectly serviceable piece of nineteenth-century legislation that almost certainly does not reflect what you and your partners agreed. If you have a written agreement, it is worth checking whether it says what you think it says. Partnership agreements are often overtaken by how the partnership has evolved, and the discrepancy only surfaces when something goes wrong.

What the Partnership Act gives you (and why you might not want it)

A partnership agreement sets the rules for how a traditional partnership operates: who contributes what, how profits and losses are shared, how decisions are made, and what happens when a partner leaves or the partnership is dissolved. Without a written agreement, the Partnership Act 1890 applies by default, equal profit shares, dissolution on the death or retirement of any partner, and joint and several liability for everything the partnership does.

If those defaults are wrong for your business, and they usually are, you need a written agreement. If you have one, a periodic review keeps it aligned with how the partnership has evolved. Over time, partnerships change. New partners join, roles shift, and the original agreement may no longer reflect how the business works in practice.

A review is particularly useful before admitting a new partner, after a material change in the business, or when existing arrangements have not been reviewed for some time.

Example: a typical scope and fixed fee

For a partnership with up to four partners, the typical scope looks like this.

What's included

• Review of your existing partnership agreement
• Identification of risks, gaps, and provisions that may need updating
• A clear written summary with practical recommendations
• A follow-up call or email exchange to discuss the findings

What's outside this scope

• Drafting a new or amended partnership agreement (see Partnership Agreement Drafting)
• Tax advice

Fixed fee: £295, no VAT.

How I will approach your matter

Once you have instructed me, I will be in touch within one working day. Send me your existing partnership agreement, and I will produce a clear written review identifying risks, gaps, and provisions that may need updating. We will follow up with a call or email to discuss the recommendations.

Common questions

What happens if we don't have a written partnership agreement?

Without one, the Partnership Act 1890 applies by default. Among other things, this means all partners share profits equally regardless of their contributions, and any partner can dissolve the partnership at any time. A written agreement lets you set your own rules.