Unlike limited liability partnerships, a traditional partnership cannot enter into a lease in its own name. If one wants to take a lease, a maximum of four partners (trustee partners) will be named as tenants.
The trustee partners will have joint and several personal liability but, where there are more than four partners, those not on the lease will indemnify the trustee partners against their liabilities as a matter of general law, if not under any partnership deed.The partners will want to include lease provisions to ensure that if any of the trustee partners cease to be partners they can be taken off the lease with minimum delay and without the retiring partner having any ...
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