"Any two or more persons working together to derive a common profit"
is the legal definition of a Partnership.
Sounds simple, but there are a number of issues which some Partnerships fail to discuss. For example:-
- What happens if one of you falls ill?
- Or one of you dies?
The Partners genuinely still have a claim to their share of Partnership profits. Could you afford to pay off your Partner's family?
Many Partnerships exist without legal agreements and are therefore governed by set rules, like it or not, set out in the Partnership Act 1890.
Having no Partnership agreement is like having no Will for the business.
We can help you to find lawyers who can set up your business' legal framework. We can also arrange the life and health cover for you and your Partners so that if one falls ill or dies, there is money available immediately to discharge your obligations to his family.
There are two main types of pension schemes which members of a partnership like to use. These are:
