Partnership agreements
Similar to shareholder agreements, partnership or joint venture agreements are a must for parties entering into a partnership for managing or running a business.
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Partnership Agreements
Similar to shareholder agreements, partnership or joint venture agreements are a must for parties entering into a partnership for managing or running a business.
Compared to companies or trusts, partnerships are not a preferred business structure except where there is a partnership of companies or trusts (such as a joint venture). Compared to overseas jurisdictions, partnerships have inherent risks akin to a sole trader structure and do not often have limited liability.
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What Should
Agreements Include?
At a minimum, a partnership agreement should include:
- How disputes are resolved;
- What are the responsibilities of each party in the arrangement;
- Are the partners required to provide financing / labour / equity and on what terms;
- What happens if one of the parties wants to exit the business;
- How are decisions to be made and are decisions to be by majority / unanimous;
- Are parties to be restrained from competing in similar businesses;
- The number of required meetings per year;
- Financial reporting obligations;
- Consequences of partners becoming insolvent and/or incapacitated.
Our team of lawyers can guide you through the process
Why Choose Us
Boutique Firm
business solution for small and medium sized businesses
Tax & Legal All-In-One
Tax and legal at the same place! No need to see a lawyer and then explain the circumstances to your accountant separately
Business Specialists
Specialists in business law, property and tax – we deal with all tax and legal aspects of business on daily basis.
Tech Savy
Tech-savy – unlike some “old-school” solicitors – we leverage technology to provide you and your business with cost efficient services.
Business and Commercial Law
As a boutique firm – you will be dealing with the same small team of advisors-meaning you don’t speak to a new person everytime you call.
Business sale and purchases
Dedicated lawyer and accountant – our principal supervises all matters directly.
Meet Nick
Nick Karolidis is a senior commercial lawyer and qualified accountant with more than 15 years’ experience advising clients on complex tax, property and business law matters.
He began his career at top and mid-tier law firms, advising on large transactions across a wide range of industries before setting up his own boutique firm. Drawing on this multi-faceted experience, Nick now focuses on supporting entrepreneurs, SMEs and individuals, providing practical, integrated advice that bridges both legal and accounting perspectives.
Some examples of Nick’s experience include:
- Advising clients on structuring their ventures and investments including consideration of asset protection, funding and State and Federal taxes;
- Tax and structuring advice for numerous business separations due to disputes or retirement;
- Acting for developers on subdivisions, and for hundreds of individuals over the years on established or off-the-plan sales and purchases;
- Successful penalty and interest remission requests for SME clients saving $100,000s;
- Successfully objecting to notices of assessment in income tax and state tax (VIC) matters e.g. capital v revenue (CGT), GST, payroll tax and stamp duty; and
- Whilst acting for shareholders of a large private company, identified financial statement inconsistencies which pointed to misappropriated funds. Proceedings in Supreme Court are pending however the quantum of the claim is in the millions.
Nick now provides tax compliance services via Karolidis & Co as the principal tax agent and legal advice via Keypoint Law as a Consulting Principal.