Writing a contract, advice please

[jgmcl74]

Hello,

I bought an existing salon 50/50 with another girl. Clients are kept separate in that hers are hers and mine are mine and we pay ourselves accordingly, shop expenses e.g. electricity, water, phone, card terminal all come out of a shop joint account. It's the way its always been.

We need a contract drawn up for this arrangement and i was wondering if anyone else is organised this way and how you got the contract. I'm thinking solicitor but just wondered if there was another way.

Thanks in advance.

 

[AcidPerm]

No, by all means take advice from other salon owners but definitely get a solicitor to draw up a proper contract.

Please don't try to do this on the cheap as the whole point of getting a properly drafted partnership agreement is that will help to iron out any unforeseen issues at the start and in the event of a dispute, you both know where you stand without risking too much financially.

 

[jgmcl74]

Thank you. X

 

[jbr]

Agree, you need a partnership agreement drawn up, which differs from a limited company, as if the worst happens and the business fails, a partnership will protect you (or your business partner) from being liable for all of the creditors - creditors will always go after the easiest person to pursue, and can pursue either of you for 100% of the debt. It will also protect you if one of you wants to get out of the partnership in future or set up a similar business. It's always smart to be prepared and protected for the worst case scenarios, so this is something you should really have a solicitor do, to ensure you are fully protected.

 

[jgmcl74]

Thanks for your reply.