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Partnership Agreement

Partnership Agreement

Partnership Agreement

West Perth Legal can assist clients to establish a partnership through a professionally drafted partnership agreement.

What is a Partnership Agreement?

A partnership agreement is an agreement used for the establishment of a partnership. A partnership agreement defines the rights and obligations of the partners, which are subject to the Partnership Act 1895 (WA) and the Limited Partnerships Act 1909 (WA) in the case of a limited partnership.

The formation of a partnership is relatively quick and inexpensive. It allows multiple partners to combine their expertise, resources, and labour for the purpose of a business venture or activity. It should be noted, however, that a partnership is not a separate legal entity and, as such, each partner has unlimited liability for the debts and liabilities of the partnership, including for the actions of all other partners (except for a limited partnership to some extent).

Partnership Agreement Drafting Service

West Perth Legal can draft a partnership agreement to include information such as:

  • The business activity and common purpose of the partnership
  • The conduct of each partner including obligations such as compliance with specific legislation, licenses, or professional associations rules
  • The proportionate ownership of assets between the partners
  • The distribution of profit and losses between the partners
  • The maintenance of the partnership including financial accounts and tax obligations
  • The retirement, removal or addition of a partner

Partnership and Tax

A partner’s share of the partnership income is generally taxed at the personal income tax rates of the partner. Accordingly, profits and losses, or capital gains made by the partnership, can affect a partner’s individual tax return. It is important to have a partnership agreement in place which considers potential tax liability or stamp duty liabilities. As such, we highly recommend that you seek tax advice from a qualified tax accountant in deciding whether a partnership is suitable for you.

West Perth Legal Advantage

West Perth Legal provides regular drafting services on a full range of commercial contracts. Our lawyers have assisted many locals with their legal contract needs. We offer fixed fees for most of our services. Contact us for an obligation free quote.

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David has been regularly helping us with our retail leases over the past few years. His advice and service is consistently prompt and professional. I have no hesitation in recommending him.

- Davyd Hooper

Stellar Property Group
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David Shi has been an excellent lawyer for my company over the past 3 years providing advice on contracts, litigation, and arbitration. Very satisfied with the timeliness, professional approach, and advice for my business and personal needs. I would highly recommend David’s services!

-Talha Khan

MediXys Consulting
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West Perth Legal helped me with the purchase of my café business, including drafting and finalising the sale and purchase agreement, reviewing the retail lease and attending settlement. David walked me through the business purchase process and highlighted the risk areas and how to minimise them. I highly recommend West Perth Legal.

- Jinkyoung Kim

The Electric Bean Co.

Perth Commercial Lawyer

We have helped hundreds of clients with their commercial legal needs.

Contact us for an obligation free quote or speak to our Commercial Lawyer for a confidential and complimentary discussion.

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Fixed Fees For Regular Documents
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