[newbroom]

Hello all,

This question is aimed at anybody who works in a partnership, do you have a written agreement in place, what are the negative/positives of partnership.

The reason i'm asking i'm about to start a second business venture with a partner so would appreciate advice given, even better would be to see a copy of written partnership agreement.

Mark.
 
 
 
 

[Cleaning Resource]

Dont do it........ I`ve had 3 partnerships now and non have worked out.

Maybe it`s me but in my experience it`s bad news I would not go into a partnership with anyone ever again.

[fenman]

As partners you will both be liable for any debts incurred by the business so you need to trust the other partner 100%.
My brother in law went into partnership with a good friend of his ( not cleaning )
This friend it turned out could not run a bath and whilst my bro in law was in hospital his partner fell for the classic con of " if you do an another job I will pay you the money we owe "
3 very large jobs later the customer disappeared without paying and the debts crippled the business.
Parner does a runner to Spain and my bro in law had to sell his house and car to pay debts. My sister was devastated.

[Robert Parry]

Mark,

Partnerships, like any other business arrangement, can fail, or work out great, BUT!!!!

If you are at all serious in doing this, go and see a solicitor, and get a partnership agreement written up to your exact requirements, this could potentially save you thousands of £'s and serious grief.

Do not copy any one else's agreements, it is simply not worth it, as a very quick example, you and your partner fall out, you could end up paying their Income Tax! This does happen.

A legally binding, written agreement is the only way to go, a simple agreement should only cost 400 600 pounds, it is the only way to go.

Regards,

Rob

[newbroom]

Thnaks Robert

[Cleaning Resource]

If you insist on a partnership then register the business as LTD and you will both become employees of the company, any debts if it all goes wrong will then be the companys debts and not your personel debts

[newbroom]

Thanks Gleam