If you don't have a Business Partnership Agreement, you are at serious risk of financial loss.
Without a Business Partnership Agreement, the general law automatically applies.
This means that in any disputes or difficulties between business partners, the law
can set in motion a course of events that could be totally contrary to your
own wishes. At HilliersHRW we offer: fixed-fee partnership agreements; tailor-made agreements to suit your needs and specialist advice on partnership disputes.
Without a Business Partnership Agreement...
- It may not be clear if any property used by the partnership belongs
to the partnership or belongs solely to one of the partners
- If one partner puts more money than the other(s) into the business, the
law will still imply that profits are shared equally
- If you are a partner on a salary, you will still be liable for any damage
or losses made by one or more of your other partners
- If one partner dies or becomes bankrupt, the partnership will be automatically
dissolved and the assets distributed. If the partnership continues, you
may have to raise a large capital sum to pay the estate of the deceased
partner.
- To recoup your investment from a partnership you may have to dissolve
it and sell the business and the assets. If there is a dispute or argument
between partners, or one partner is acting untoward, with no other provisions
in place, everything may have to be sold and the business closed.
Why take the risk? For a relatively small outlay you can protect your interests from the start
Contact:
Levent Hasan. Bedford Office: 01234 858000.
Martin Addrison. Stevenage Office: 01438 346000.
