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What you get with this Offer
THE OFFER INCLUDES ALL OF THE FOLLOWING FOR THE FIXED PRICE
IT CAN BE FINALISED WITHIN 3 DAYS OF THE INITIAL INSTRUCTIONS
- Taking instructions from you about your specific business and partnership arrangement - I will not just be giving you a template/precedent that you could download for free online
- Explaining the basics of partnership law to you, so that you understand the reasons behind the terms which will be included and the different options you have
- Prepare a first draft of the Partnership Agreement for your comments
- Finalising the document by making any amendments you require and dealing with any questions you may have
WHY DO I NEED A PARTNERSHIP AGREEMENT?
If you have a Partnership Agreement, you can tailor the rules to suit the needs of your specific business.
Most people think that they will never have problems with their partners, but in my experience, this is not the case.
It is best to set out at the start what happens if things go wrong or you cannot agree on something. If it is in writing, disputes can easily be dealt with.
The document will deal with any money put in initially by the partners (is it a loan? is interest payable?), partner shares, profits and more.
If you don't agree in writing otherwise, the law sets as a standard the following things and more, which might not fit with your business:
- each partner is 100% liable for all the debts and liabilities of the business, not just for their share
- any partner can bind all the partners if doing things that the business normally does
- all partners are entitled to share equally in the profits of the business
- any partner can immediately terminate the whole partnership business by giving notice - this ends the business for all partners
- the partners cannot exclude a partner without dissolving the entire partnership
- no partner is entitled to be paid for acting on behalf of the partnership
What the Freelancer needs to start the work
I would initially need to know:
- the number of partners
- do the partners have equal rights to profits, losses and to manage the business
- who works in the business and salaries
- any money that the partners have put into the business
- any partnership assets