Caversham Solicitors has been involved with small companies and partnerships for over 20 years and we understand that every business is different and we tailor our legal services to suit you. It is of the utmost importance that every Partnership has a Partnership Agreement in place. So many do not, and that can be absolutely disastrous if matters do not work out as planned. It can be a very straightforward and passive document and can save thousands of pounds and so much trauma. Similarly, a Partnership should be ended with the correct paperwork, again potentially saving large amounts of money and time.
Much like a good marriage, the right partnership will mean you have someone to share the dream, the financial costs, practicalities and benefits of owning a business. However, as in marriage (as our Family Law Department knows well) there can be pitfalls too. Did you know that business partners are personally liable for any debts even if incurred by the other partner, and even if they thought that the partnership had finished? You are tied by their decisions too so you must be certain it is the right step for all those involved.