Without a written partnership agreement, the Partnership Act 1890 default rules apply — including equal profit shares regardless of contribution, and dissolution on any partner's death or bankruptcy.

• Without agreement — profits split equally (Act 1890 s.24)
• All partners are jointly and severally liable for business debts
• Partner can dissolve partnership at will without agreement
• Partners are agents of the firm and each other
• Consider LLP for liability protection

Legal reference: Partnership Act 1890; Limited Liability Partnerships Act 2000