 |
 |
|
| Going into Partnership
is a bit like getting married - you don’t always
know what to expect and everyone has their own idea
what it means. |
|
| In the absence of a properly drawn
up Partnership Agreement, the general law will apply. |
|
Any or all of the following could
occur which may be totally contrary to your wishes
or intentions. |
|
| • |
If one partner
puts more money than the other(s) into the business,
the law may still imply that profits are shared
equally |
| • |
If you are a partner on a
salary, you will still be liable for damages or
losses made by your partners |
| • |
If one partner dies or becomes
bankrupt, the partnership will automatically be
dissolved and the assets distributed. If the partnership
is to continue, you may have to raise a large
capital sum to pay the estate of the deceased
partner |
| • |
If there is a dispute or argument
between partners, or one partner is acting improperly
everything may have to be sold and the business
closed. |
|
|
| We can: |
| • |
Explain the pros
and cons of Partnership compared with other forms
of trading |
| • |
Advise on existing Partnership
Agreements |
| • |
Tailor make agreements to
suit your needs |
| • |
Advise on retirement and dissolution |
| • |
Advise and assist with internal
partnership disputes |
| • |
Advise and deal with external
disputes and litigation |
| • |
Advise and assist with incorporation
as a limited company. |
|
|
| For further information, contact
Tracy Guest on 01603 723726. |
|
