69.2 Drafting issuesThe default code’s emphasis on equality of profit-sharing reflects a basic model where all of the partners commit an equal, or very similar, amount of time to the running of the partnership. In practice, this may be far from the truth, with some partners only working part-time in the business and others perhaps playing no active part at all, in other words, taking the role of sleeping partners. The partnership agreement may seek to take account of this imbalance in working commitment in several different ways. One approach is to reflect the imbalance in working hours in
The default code’s emphasis on equality of profit-sharing reflects a basic model where all of the partners commit an equal, or very similar, amount of time to the running of the partnership. In practice, this may be far from the truth, with some partners only working part-time in the business and others perhaps playing no active part at all, in other words, taking the role of sleeping partners. The partnership agreement may seek to take account of this imbalance in working commitment in several different ways. One approach is to reflect the imbalance in working hours in
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
Free trials are only available to individuals based in the UK
No Credit Card Required
No Downloads Necessary
0330 161 1234