Joint ventures & partnerships
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“Can I have a different share of the profit from my other partners?
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Of course. A partnership agreement provides great flexibility for you to agree what you want.
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What happens if one of my partners dies? Will the business be protected?
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Properly drafted option arrangements, backed by life assurance, ensure that you have the money available to buy out the deceased’s interest at a proper market value. You can then get on with running the business for your future benefit, and your former partner’s family will receive the money that they need, at the time that they most need it.
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Is an agreement governing an LLP a public document?
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No. Any LLP agreement is a private document that is confidential to its members. It does not need to be filed at Companies House.
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What happens if I fall out with my fellow shareholder in a joint venture company?
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The joint venture agreement should contain clear mechanisms to identify when a serious dispute has arisen and setting out proper procedures for its resolution.
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What happens if my joint venture does not succeed?
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Unfortunately, this does sometimes happen. Most joint ventures are structured so as to protect the original businesses from being harmed by involvement in the new venture, and the joint venture agreement should set out how to unwind your involvement with your joint venture partner.”
