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Partnership Law
Did you know that if you don`t have a Partnership Agreement, the general law will apply?
The following could occur, which may be totally contrary to your wishes:
It may not be clear if any property used by the partnership, is partnership property or belongs solely to one of the partners.
If one partner puts more money than the other(s) into the business, the law will still imply that profits are shared equally.
If you are a partner on a salary, you will still be liable against damage or losses made by one or more of your other partners.
If one partner dies or becomes bankrupt, the partnership will be automatically dissolved and the assets distributed. If the partnership continues, you may have to raise a large capital sum to pay the estate of the deceased partner.
To recoup your investment from a partnership you may have to dissolve it and sell the business and the assets. If there is a dispute or argument between partners, or one partner is acting untoward, with no other provisions in place, everything may have to be sold and the business closed.
We at Horseleagal.co.uk offer:
- Fixed fee partnership agreements
- Tailor-made agreements to suit your needs
- Specialist advice on partnership disputes
- Expertise in litigation
- Deeds of dissolution
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