{"id":174147,"date":"2022-08-10T04:12:18","date_gmt":"2022-08-10T03:12:18","guid":{"rendered":"https:\/\/legalvision.co.uk\/?p=174147"},"modified":"2022-11-02T00:02:41","modified_gmt":"2022-11-02T00:02:41","slug":"partnership-document","status":"publish","type":"post","link":"https:\/\/legalvision.co.uk\/business-structures\/partnership-document\/","title":{"rendered":"I Am in a Partnership. What Documents Do I Need To Start My Business in England?"},"content":{"rendered":"\n

If you are part of a business partnership, you must have a well-drafted partnership agreement document. One of the most common ways to start a business relationship between yourself and others without<\/em> forming a company is through a partnership. Unlike private limited companies, a partnership is a less public business organisation that does not require registration at Companies House. Many individuals prefer partnerships because they do not require disclosing ownership or financial documents. This article will focus on setting out the starting documents you will need to start your partnership, so you can weigh up whether to attempt to do so yourself or through a lawyer.<\/p>\n\n\n\n

Creating a Partnership<\/h2>\n\n\n\n

A partnership<\/a> is a business relationship based on a written or verbal agreement. Thus, a partnership can technically exist without any written documentation. Another important fact is that a partnership must aim to make a profit. Accordingly, charities and non-profit organisations cannot start partnerships.   <\/p>\n\n\n\n

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Although you can make a partnership verbally, it is wise to put details of the partnership on paper to ensure certainty and provide protection for your business should there be a future dispute between partners.<\/p>\n<\/div>\n\n\n\n

This is important because partners tend to have extensive rights within the business, such as: <\/p>\n\n\n\n