A partnership agreement will typically contain a provision specifying what happens if a partner wishes to exit the partnership - for example, in the case of retirement. The agreement will then typically also contain a provision specifying how the outgoing partner's share in the partnership...

The Supreme Court made orders in 2017 regarding the winding up of a partnership that operated a real estate agency.  The two former partners agreed upon the existence and duration of their partnership, and upon a need for partnership accounts to be taken under the supervision of the Court,...

A recent Supreme Court decision (Cole v Lee [2017] NSWSC 1011) has highlighted the importance of having a Partnership Agreement and following the provisions of said Agreement when looking to terminate or retire from the partnership.

Background to the matter

The plaintiff (Ms Cole) operated a...

Just because you’re friends doesn’t mean that you won’t run into problems when you open up a business together. The same applies if you go into business with family members – you still need to treat it as a commercial transaction, and put all the necessary devices in place...

We have all heard of the saying – “be proactive, rather than reactive” – but what does that actually mean, particularly when you are talking in the context of a business? It means taking steps sooner rather than later to avoid issues arising, rather than only taking steps...