It would be great to rely on a handshake and know that nothing will ever go wrong but we all know that your business, you and your partners and the context in which you exist do not remain constant.
Money, health, personalities and other variables can lead to confusion, disagreement and expensive disputes. So why not plan and address the issues for as little as a few hundred pounds? That’s how little investment is needed for such a valuable bespoke document for you and your business. I have produced these important agreements for business clients for many years and acted in destructive and costly partnership disputes. I highly recommend that you act as soon as possible to put in place or review any existing partnership agreements to address such matters as roles, contributions, share of capital/profits/losses, retirement, illness and so on. The potential alternative is expensive chaos. Record what you have agreed and don’t risk relying on what you think you have agreed!
T: Keith Hardington 01756 700200 E: kh@walkerfoster.com
The horrors of shareholder disputes cost eye-watering sums of money, destroy relationships, and destroy businesses.
In a recent Court of Appeal case the Court had to decide whether a party was bound by a contract when he had not signed the contract document.
You may be one of many businesses that operate as a Partnership rather than a limited company.
It is important that sellers have written business terms and efficient credit control procedures.
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