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Partnership agreements within a family business

31 July 2013

A family business can potentially be extremely rewarding, working together with the people closest to you on a combined project. While some things are likely to be different within a family business compared to other forms of working relationship, a partnership agreement is still something which should be carefully considered.

If something was to go wrong with the business, it is not just the stability of your working life which is at risk, but your family life as well. With this in mind, it is even more important to ensure that your business is well protected by a strong and clearly defined partnership agreement. This ensures that when setting up a partnership with members of your family, the correct procedures are followed and your business is operating as strongly as possible.

What can a partnership agreement do?

A partnership agreement is put in place to prevent certain problems from occurring in the first place, as well as helping to resolve any problems which may arise over the course of the partnership. These range from what happens should a member of the partnership be required to leave the business to agreements on how profits should be divided.

While we understand that a family business is likely to be more flexible than many partnerships, there are still numerous important legal considerations to take in to account and prepare for, with our expert solicitors on hand to ensure that your family business is protected. Visit the contact section of the website or call 0161 832 6131 to discuss further.

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