Partnership issues if you become self employed with a partner

Dear friends and readers

It is a new financial year. You may have looked at my last 2 blogs about going into business.

Sometimes, you may find that although you wish to become self employed, you may not have the funds to go on your own into a business.

You might have considered having a partner to share the expense , the load and the risk. Sometimes that may be a good idea as two heads are better than one.

However, there are several things to consider as having a partner can be like going into a marriage. Questions that may need to be considered include:

(a) do I really need a partner?
(b) Is the partner going to be a blessing or a curse?
(c) What is the partner going to do for the business?
(d) What if I want to dissolve the partnership?
(e) Should I have a partnership agreement?
(f) What happens if I do not have a partnership agreement?

Well, I had the opportunity of discussing some matters regarding partnerships with Jeff Miles, my business doctor.

If you have any questions regarding a potential partnership issue, feel free to email me at ray@tanandtanlawyers.com

Till then, have a good day.