Having a partnership you will discover numerous `what if s to think about. Even when your partner is your husband, wife, relative or ideal friend you’ll want to have a formal partnership agreement drawn up by a solicitor. Don’t forget also that with time your partner’s individual circumstances may perhaps modify.
You may start off as two carefree buddies with a lot of time to devote for your organization and every little thing go properly. Then either you or your partner marries, has kids, and is no longer in a position to devote the exact same quantity of time that they previously did for your small business.
What occurs if you 1 of you functions fewer hours than the other and nonetheless desires exactly the same return?
Or your partner’s wife decides that she too would like to be a component in the company? Or your partner gets divorced and their husband decides that they’re entitled to a share with the enterprise due to the fact they’ve been married to 1 with the partners?
Numerous concerns should be answered ahead of entering a partnership, that is why you’ll really need to have a deed of partnership drawn up.