Many business partners operate their businesses under “Partnerships at Will” under the Partnership Act 1890, without having any form of Partnership Agreement at all.
Future partnership disputes can very often be avoided or alternatively limited in their nature if the partners have taken the time and care to set out the detailed terms of their business relationship in a formal Partnership Agreement.
If you do not have a Partnership Agreement with your business partners then you should really think about getting one in place.
All good Partnership Agreements should contain detailed provisions relating to partnership duties and responsibilities, for partnership exit and retirement, setting out appropriate provisions relating to allocation of capital and profits, together with appropriate conditions and restrictions regarding any future competition with the business.
If you are having problems with a business partner we have vast experience in resolving such difficulties by negotiations and discussion.