[Sapphire Window Cleaning]

Can anyone tell me if I the business owner can put restrictions on a partnership?
as I am looking at having a partner in my business, he takes a third, I take a third, and a third is left for the business.
but because I have forked out for the equipment and van, can I put a clause that states all assets are owned by me?

[GWCS]

of course you can. just visit a solicitor.

or make use of CAB or some free legal advise via the FSB or the FED and write the document yourself, and get it signed by both parties with 2 independent witnesses.

[Sapphire Window Cleaning]

GWCS do the witnesses have to be independant? or can they be related to either partner?

[Clive McDonald]

So the third that remains in the business is yours.

You will fall out.

[GWCS]

i would say someone you know, but not relations. not really independent is it?

[Sapphire Window Cleaning]

Slumpbuster I mean assets that are there before the signed partnership document is signed.
Any asset built up after the papers are signed belongs to the business and if that fall through then it is split down the middle.
their will be an inventory of assets that wont be split 50/50.

[Clive McDonald]

I wanted to be a partner but my wife wouldn't allow it. It just seemed so daunting doing everything myself, and being a bit older it was the easy option. I have been quite successfull, so there was no shortage of volunteers.

Anyway she made me do it the hard way.I suppose i wouldn't be able to buy SL2's and take out ads as and when i feel like it, if it was someone elses money too.

Who's going to do the admin/books in your partnership, that's quite a lot of unpaid work in itself.If you have a van it'll be your job to fill it and fix things at night. Can you see how it is hard to be equal? One must work harder than the other.

My current situ is as per your other post, worth the hassle.

[martinsadie]

Can anyone tell me if I the business owner can put restrictions on a partnership?
as I am looking at having a partner in my business, he takes a third, I take a third, and a third is left for the business.
but because I have forked out for the equipment and van, can I put a clause that states all assets are owned by me?

whats the business third for,that will soon build up into a large amount

[geoffreyspecht]

rent your van equppment to the busines

[Sapphire Window Cleaning]

Stan the business third would be for expenses and savings so at a later stage we could expand, buy another van and system etc so we dont need to run off to the bank and ask for a loan then pay hundreds in interest.

[Moderator David@stives]

Get the business to buy the assets over a period of say 12 months out of the final third

[Sapphire Window Cleaning]

Dave how will that effect my tax returns?

[sparklebright]

Another thing to bear in mind is that any debts incurred by the business are what is known as 'jointly and severally' owed by the two of you. So you both owe all of it. A bit like a mortgage.
So if you borrowed (I know that's not the plan but things change) money and the other partner did a runner you would be pursued for the lot and then you would have to find and sue your ex-partner.

Back 20 years when I was a solicitors clark I saw it happen to a perfectly nice woman, lost everything and couldn't find her ratbag of a husband to sue him.

[Wrekin C S]

Alright matt if you dont mind me asking why are you looking for a Partner?

[Sapphire Window Cleaning]

Because I am looking at moving down to essex, I have already started getting a round down there, but I want someone to run the round up here in Leicester whilst I run the round and expand down in essex.