Running a business in partnership implies that you have (or had) a relationship beyond a simple business connection. Partnerships require a meeting of minds about how the business will be run and the direction it is going. Above all, they require trust. If there are problems in the partnership, we can help resolve them, or – if required – bring the partnership to an orderly end.
Partnerships can come undone and cease to function properly where there is a personality clash. Sometimes one partner is not pulling their weight. Or, even worse, a partner is making a secret profit.
Sorting Things Out… Or Ending The Partnership
Partnerships should be formed with a written agreement or partnership deed. In that case there will usually be a prescribed mechanism for dealing with disputes. If necessary, the deed may specify how the partnership is to be brought to an end. If there is no partnership deed, statute law may require a partnership to be dissolved – even if it is otherwise a thriving business.
The problems that can result from old-style unlimited partnerships are one reason one it is now much more common to be constituted as Limited Liability Partnerships (LLPs).
It is important to take advice about a particular set of circumstances. Call us today to discuss your situation and how we can help.
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