[julianbiggs]

Evening chaps

Me and him have been joint business partners ( 50/50 )  for 7 years and we skirt round this issue every once in a while.

What happens to our business if one of us has to stop work for ever through illness and definitely for ever through death ?

[bobplum]

i would seek advice from accountant,

[ben M]

i would seek advice from accountant,

nothing more to say!

[capn sparkle]

http://smallbusiness.chron.com/happens-partner-leaves-business-dies-69853.html

This might help

[roundbuilder]

Out of interest, how do you find being business partners instead of owning the business yourself??

[julianbiggs]

Well...he's alright...usually if I buy biscuits or sweets for the van he bloody eats most of them but I can live with that.

No seriously it works well. We both have things that we excel at in our business, which combined makes us a very good business.

[AJ]

If you're really concerned, go to see a solicitor and draw an agreement up, a bit like a Will.
It should be done really as there could be issues with spouses.
Where does it leave her if her hubby dies and the business is left to the other partner. No hubby, No business, No income.

[Positivity]

Julian you planning on bumping him off 'cos he was on about HIM selling the round?

[julianbiggs]

Not at all. How rude..

Do you know where I can get a silencer for a gun ?

[PoleKing]

Not at all. How rude..

Do you know where I can get a silencer for a gun ?

Just use a pillow at close range.

[Ian101]

Not at all. How rude..

Do you know where I can get a silencer for a gun ?

Just use a pillow at close range.

think it would take too long hitting him with a pillow 

[Don Kee]

Evening chaps

Me and him have been joint business partners ( 50/50 )  for 7 years and we skirt round this issue every once in a while.

What happens to our business if one of us has to stop work for ever through illness and definitely for ever through death ?

The other partner has a lot more work to get through....

[8weekly]

i would seek advice from accountant,

nothing more to say!

Would you go to an accountant over a divorce too? Or would you go to a solicitor? 

[Perfect Windows]

Evening chaps

Me and him have been joint business partners ( 50/50 )  for 7 years and we skirt round this issue every once in a while.

What happens to our business if one of us has to stop work for ever through illness and definitely for ever through death ?

Get a partnership agreement drawn up by a solicitor, as you have no idea what happens if one of you dies.  You also have no idea what happens if:

One of you wants to sell up to the other
One of you wants to sell up to someone else
One of you wants to retire
One of you wants to work less
One of you gets divorced and the ex-wife tries to get hold of the cash
One of you wants to pass their share to their son
One of you gets lazy and stops putting in effort
The two of you fall out
The two of you want to split up the partnership

etc, etc.

Vin

[mgba_78]

Ok makes sense now!!

Trying to get me to do one of them neknominaton with a pint bleach sprinkled with cyanide, i knew something was up!

[mgba_78]

We do have an agreement, but as the business is a different beast now it needs looking at and reviewing. But for some reason i think we didnt include a death clause, we need to dig it out and update it. That is If Julian makes it till tomorrow!!

[Dick]

Partnership Insurance is available.

[pdale]

Generally if there is no agreement the partnership dissolves ... in reality this means that the work is up for grabs and only the surviving 'partner' knows the details of the work.

Bottom line ... get a formal agreement with a solicitor drawn up