Full article with thanks to: bytestart.co.uk/start-own-business-questions-before The inspiration to start a business can come at any time: in the pub, in the shower, in the supermarket, walking the dog. How many times has someone you know announced they’ve had a great business idea? And how many of those eureka moments ended up as no more than a few notes on a napkin? Why was this? Too much hard work involved? Concerns over starting a business being too risky? Worries about it needing too much commitment? But those aren’t barriers to every business idea taking off; some ideas do make it from conceptualisation to conclusion. The difference? Dedication and passion. And perhaps necessity. In the current economic climate it’s evident the lack of employment opportunities is making working for yourself a way of staying in work, or even getting into work. The rules are no different – the world does not make …
What is the Advantage of a Partnership Agreement?
Want to start a business and are unsure what business type to go for? Are you thinking about starting a partnership agreement instead of being a Sole Trader or Limited Company? Before you do so, take a look at the pros and cons of starting a partnership agreement. Full article with thanks to: bhwsolicitors.com/news/importance-partnership-agreement The principal law governing partnerships is set out in the Partnership Act 1890 (the “Act”) which defines a partnership as “the relation which exists between persons carrying on a business in common with a view to profit” (section 1 of the Act). The question of whether a partnership exists or not is therefore a matter of fact (not necessarily agreement). It is therefore not something that the parties can simply determine for themselves. While the relationship can be governed by a written partnership agreement, the essence of a partnership is the continuing relationship between two or …