Entering into a partnership or joint venture can be a big step as your business and financial interests become closely intertwined with those of another person or entity. Having the right paperwork in place ensures that all parties are clear of their position from the outset and that interests are protected down the line.
Although partnerships are governed by the Partnership Act 1890, it is wise to have a partnership deed drafted by a corporate lawyer. The advantage of having a formal deed of partnership is that the terms can be drafted to suit a client’s individual business and personal circumstances. Tax planning and succession issues can also be incorporated, which can remove a great deal of uncertainty and ill feeling arising should your venture not work out as planned later on.
Corporate joint ventures can be entered into by individuals or corporate entities and are often utilised when two or more parties collaborate together on a specific project. A joint venture or shareholders’ agreement (in conjunction with a company’s articles of association) will operate to regulate all parties dealings with one another at shareholder and director level.
Minority shareholder protections are common too, as are provisions dealing with transfer of shares (in all circumstances), what happens if one party wants to sell to a third party (drag and tag along rights) and mechanisms to deal with disputes that may arise.
Our lawyers have experience of all types of business collaborations of varying scales. They regularly advise on:
- Shareholder agreements
- Joint venture agreements
- Partnership agreements Limited liability partnership deeds
- Deeds of adherence or retirement to partnership agreements
Some of our recent work with partnerships and joint ventures
National College for Nuclear
Our Corporate team acted for Bridgwater College in Somerset and Lakes College in Cumbria in relation to establishing a new joint venture company, National College for Nuclear. NCfN is part of a government led “national colleges” initiative to provide specialist educational courses in key industry sectors. Our role involved drafting the constitutional documents for the new entity taking in to account the interests of the founding FE colleges as well as the requirements of the industry partners and higher education establishments who also make up the board of the new college.
We have also assisted with the contractual arrangements being put in place with between the new college and its various interested parties, setting out the roles and responsibilities in respect of the new entity.
Joint venture between Association of Chartered Certified Accountants and British Council
Clarke Willmott LLP advised Association of Chartered Certified Accountants (ACCA) on a joint venture with British Council. The deal will enable British Council to provide global examination administration services to ACCA in countries where British Council operates. ACCA described the deal as “a strategic contributing enabler for ACCA’s 2020 strategy for CBE”.
Contact a corporate lawyer
If you would like to find out more about how our Corporate team can support you with your partnership, joint venture or shareholder agreements, please contact one of our lawyers directly or by calling 0800 652 8025. Please click here to see contact details for our Corporate partners.
Clarke Willmott has offices in Birmingham, Bristol, Cardiff, London, Manchester, Southampton and Taunton. We provide corporate legal advice both to businesses located within the UK and internationally.