Where does my business partner stand legally?

Discussion in 'Legal and HR' started by Annabelle1234, Jun 4, 2019.

  1. Annabelle1234

    Annabelle1234
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    Me and my business partner have been working together for the past 8 years, but the past three have become quite strained and he has now made the decision to leave the company.

    I’m not complaining, I already do the majority of the work, bring in the majority of the revenue and keep on top of our employees, he simply turns up as and when he’s told he needs to.

    It did end on quite good terms which unfortunately have now started to go sour due to his lack of interest in getting this sorted out. We have no partnership agreement (please no comments on this we are now very aware this was a stupid mistake) and I am registered as the sole proprietor for the company, and registered as the only owner on all legal documents, the bank account and pay the taxes etc. His initial is in the business name only and he hasn’t paid any tax on his earnings since we began.

    Am I right in thinking that if this was to go to court, that he wouldn’t get a thing? Or because we haven’t got an agreement would it just be a clean 50/50 split? I’ve offered him a 27% split of the profits and assets based on his contributions to the business over the past year compared to mine, but he is wanting 50%.

    If anyone could offer me some insight as to where we would stand legally that would be great, and I’d also appreciate any advice on how to proceed with this to try and keep it a clean split.
     
  2. fisicx

    fisicx
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    Where are you? The law regarding partnerships is different in each country.
     
  3. Brian_Ott

    Brian_Ott
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    It would appear that you are in the UK so in absence of a Partnership agreement it seems the provisions of the Partnership Act of 1890 would apply. Might get messy and costly if your (soon to be ex) partner is wanting to fight.
     
  4. fisicx

    fisicx
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  5. VITS USA

    VITS USA
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    For exact legal advice you can contact with best IT lawyer in your city because they can give you best advice on the basis of partnership papers.
     

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