“What if my life partner is also my business partner?”
If you and your partner jointly own a business, there is always the potential for your home life to affect your business and vice versa.
The good news is that there are simple steps you can take to limit the risks of this happening in practice.
The starting point is for you both to discuss and then agree the key issues which could affect your particular business and anticipate problems before they arise.
Whatever you agree should then be properly recorded for future reference, either in a shareholders’ or a partnership agreement depending on your business structure.
These business agreements can cover:
how the business will be managed on a day to day basis
how key decisions will be made
how you are each remunerated
the future of your business including any succession planning
what will happen in the event of a conflict or your relationship breaking breakdown
Such an agreement will be legally binding if properly entered into and the costs of preparing one will usually be far less than it would cost to deal with a dispute further down the line.
Expert legal advice
For more information or an informal chat about your next steps, contact us on 0344 326 0450 or email us.
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