Hindsight is truly wonderful thing.
The clarity of knowing what you should have done can cause a frustration like no other. Add in a few “I told you so” comments, a hefty financial bill and you can be sure you will not forget the lesson learned in a hurry.
For those who have been through a business breakup, especially where there isn’t an agreement in place, you will know only too well the need to have a written partnership or shareholder agreement, no matter how strong the relationship is to begin with.
Many businesses are formed on a handshake agreement and whilst there is no legal requirement to have an agreement in place, if a disagreement arises, it could be the most important document you have.
Consider the following common disagreements between business partners:
- One partner is taking a lot of holidays and not “pulling their weight” yet still wants an equal share…
Peter Lynn and Partners were formed in 1999 with one aim – to prevent legal problems. Eighteen years later and it remains at the core of everything we do but where did the objective come from? Peter Lynn explains.
“Having spent a lot of time on the legal circuit in Wales and London, I represented a high number of Owners including successful Directors and Partners of multi-million pound businesses who were suing each other over disagreements. What always surprised me was that these successful partnerships had Terms & Conditions in place for the deals they did with clients but nothing…
Any business employing staff will have someone responsible for HR.
This could be the owner if it is a small business or a HR team if it is a larger company.
Whilst the vast majority of companies seek to operate in line with UK Employment Law, for those who do not have a legal partner in place, the first time they become aware of any legal shortcomings is when they engage a legal practice to represent them in an employment tribunal.
Employment contracts, staff hand books and other documentation is in place for many businesses however it is not always kept up…
If you run a small business and have “big-businesses” as your customer base, you know only too well the stress caused by late payments of invoices.
Many small businesses worry that if they cause a fuss, they may jeopardise a potentially lucrative contract however when invoices are unpaid for 60 days, 90 days and sometimes longer, it can have a detrimental impact.
Fortunately, a new Government Act is on the horizon that could help the situation.
Payment Practices of Large Companies Tackled by the Small Business, Enterprise and Employment Act 2015.
One of the key provisions of the Small Business, Enterprise and Employment…
Would you prefer to attend worrying that the business documentation you have in place did not cover the matter in hand and you could be liable for crippling costs or would you like peace of mind that you have the disagreement covered in an agreement?
Having the right paperwork in place – be it contracts, shareholder agreements, partnership agreements, plus many others – enables you to document the required outcome for almost all eventualities and on many occasions, removes the need for a long and protracted legal battle that can be bitter and extremely expensive.
Put another way, in marriage couples…
Applications for divorce surge in January, especially the first week after the New Year, as people decide to start the new year with a clean slate after what can be a very stressful Christmas holiday.
Being with your partner for many days when a marriage is already experiencing problems is an issue but add the pressure of in-laws and putting on a “happy face” for visitors and it can quickly reach breaking point.
Sara Plant, Partner and Head of Family Law commented “Christmas for some couples can be fraught with lots of tension, emotion and financial issues which can expose the…