Business Law is in place to protect businesses, and to ensure that they operate correctly both independently, and when dealing with other businesses/clients. One of the ways a problem could be solved is by settling with the other party through the means of negotiation, a solicitor could help further by carrying out this process with you, and assisting with contracts.
We have a great deal of experience in business law and are able to assist. We can:
- Advise on contracts for Goods and / or Services;
- Advise on all issues that face a start up business;
- Advise on business structure (Sole Trader / Partnership / Company /LLP);
- Create your business structure;
- Issues specific to Companies … please see Company Law
- Employment Law… please see Employment Law
Where a partnership is created a Partnership Agreement should be agreed. Without such an agreement, any dispute would hinge on the application of the Partnership Act 1890. The Act presumes that profit and loss is shared equally which may not be what is actually agreed by the parties.
An agreement may also make a partner liable to his other business partners where he exceeds the authority permitted to him by the partnership. The Act alone is broad in what it permits a partner to do.
A Partnership agreement can also lay down a procedure for the resolution of any dispute which could avoid the need for costly court action.
A partnership is a safe and prudent method of managing the business and the business relationship. In outline the agreement should address the following issues:
- Who the parties are
- Start date and term of partnership
- Details of the partnership business and the area of commerce
- Distribution of Income
- Distribution of Capital
- Property Ownership
- Management Structure of the partners, and Partner hierarchy
- Restrictions on partners
- Dispute resolution
- Statutory demands
- Entry and departure of new and old partners