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Forming a Company in the UK
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Should I bring a partner to my business?
Taking on a partner can really help enhance your business, especially if you have complementary strengths. It can help move the business forward and those really hard decisions can be made easier.
It is great when it all goes well, but also worth keeping in mind that over half of the partnerships fail. Planning is therefore essential to give your business partnership as much chance as possible to succeed.
Make it official! Ensure you have essential documents and agreements in place. Although beginnings usually sound great and seems like everything is always going to be fine, it is rarely the case. Most partnerships will hit disagreements at one point in time.
A partnership deed is therefore essential to any partnership an it should:
- Outline general planning
- Plan for change. Either change of direction or company closure
- Include a buying clause, in case of someone quitting, dying, relocating...
- Pinpoint individual roles
- Outline how decisions are made and disputes resolved
- Set out long term goals
- Summarise the financing of the business
There should also be additional documentation if Intellectual Property is involved in the business.