Partnerships can be a quick and easy way to start running a business with another person. However, without carefully worded documentation you could find yourself having to close your successful business if relations between you and your business partner breakdown, or if your business partner dies you could be forced into a business relationship with a member of your partner’s family.
We at Neves can help you to avoid these common scenarios by putting in place some initial documentation to document and regularise how the business is run on a day to day basis, including the hours that the partners are expected to work and the way in which monies can be withdrawn from or injected into the business. We can also stipulate various exit strategies to ensure that you and your business partner are aware as to how you can both leave the business and whether the remaining partner should be given the right of first refusal to purchase the departing partner’s share of the business.
Joint Ventures are often pursued by way of partnership or specially formed limited company. They are a method whereby two or more companies or individuals can join resources to pursue a common goal. They are often used in the construction and property sectors and can be simple short agreements to hugely complicated transactions.
Our business team at Neves are experienced in dealing with these types of transactions and can assist you with the drafting and preparation of a joint venture project or the negotiation of contract terms.
For more information contact a member of the Neves Business Team which consists of Simeon Clipstone, Stewart Matthews, Andrew Orriss, Ian Simpson, Jane Joseph, and Haqib Iqbal.
See also Buying and Selling Businesses; Company and Business Formation; Shareholder Agreements; and Company Advice
