girl-in-a-scoob

Does anyone know the

1. Legal
2. Financial
3. Tax

implications on becoming a partner in an established business?

Any advice appreciated please.

Im looking at becoming a partner in a business but want to know how it would affect me OR the business

Thanks

warrenm2

the main thing is in a partnership - YOU BECOME JOINTLY LIABLE FOR EVERYTHING

So if its a jewellry store and one night the partner runs off with all the stock - YOU HAVE TO PAY FOR IT!

Hope that covers the liability side of it for you

warrenm2

better to become shareholders in a limited company BTW

Jamie

Claire ask wwsd

what would scooby do

Depends on the business type e.g. partnership, limited company etc
Depends on the shareholder agreement etc
Depends if you are investing time and or effort - what are you buying into? etc

You'd be best speaking to a small biz advisor etc as
You also need to let your bank or accountant look at the numbers

Jamie

Drunken Bungle Whore

Four little words:

"GET PROPER LEGAL ADVICE"

Good luck!

***Nemesis***

There is now a hybrid - a limited liability partnership or LLP to it's friends. That I would personally be OK with, a traditional partnership - well maybe depending.

Yes you need proper legal advice - you will need to see a solicitor anyway to get the Partnership agreements drawn up.

RichardS2005

This has some good info

Business startup, starting business - Start ups

and of course

Business support, information and advice | Business Link

My wife has just gone through this - set up a ltd company with other shareholders.

girl-in-a-scoob

Thanks to everyone for responding... knew I could rely on you lot.


Hi Jamie & WWSD


Thanks for taking the time to answer

Jamie

Hola girl in a scoob