Problems In Partnerships
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.
Partnerships can come undone, and cease to function properly, where there is a personality clash or one partner is not pulling their weight. Or, even worse, where it is discovered that a partner is making a secret profit.
Sorting Things Out… Or Ending The Partnership
Where a partnership has been formulated properly with a written agreement or partnership deed, there will often 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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