Partnerships have significant legal ramifications. A court can determine with reference to common law principles and the Partnership Act 1895 (WA) whether a partnership exists.
SOME GROUNDS FOR DISPUTES
The relationship of a partnership gives rise to fiduciary obligations to act in good faith, to provide full account of partnership assets and to avoid conflicts of interest and personal profits and benefits.
Breach of a fiduciary duty may entitle the other partner(s) to equitable remedies (including an account of any profit made). Also, each partner is jointly and severally liable with all other partners for all debts and contractual obligations of the partnership incurred while they are a partner.
Mountains Lawyers partnership disputes lawyers can advise parties who are in disagreement with their partners about their roles, capital and the running of the business. We can prepare partnership agreements that clearly define how the partnership will operate to avoid the risk of disputes. Alternatively, our partnership disputes lawyers can set out a clear procedure for how to end the partnership.