A partnership is a business structure that involves two or more people carrying on a business together.
Partnerships are a popular business structure because they are relatively cheap and easy to form and they are flexible in nature with numerous tax advantages. However, a partnership is not a separate legal entity so partners are subject to unlimited liability.
Partnerships are generally created and regulated by a partnership agreement. A partnership may also be regulated by Commonwealth and/or state or territory legislation such as the Partnership Act 1891 (Qld).
Common causes of partnership disputes include:
- Disagreements over the terms and resulting obligations of the partnership agreement
- Uncertainty as to how the partnership will be terminated
- Disputes regarding asset ownership
- Disagreements relating to the operation of the business
- Financial disagreements (particularly relating to how the business’s profits should be divided)
- Ethical concerns and allegations between partners
At Stone Group Lawyers our goal is to ensure that your personal and business interests are protected. We will provide you with expert legal advice to resolve your partnership dispute or to help terminate the partnership where necessary.
For more information on partnerships in Queensland please click here.