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Doing business with friends and family how to stay professional You spend more time with a business partner than you do with anyone else so it makes sense to team up with someone you like, trust and respect. Having said this, as great as a partnership with friends or family sounds, it can be fraught with obstacles. Much like a marriage, it’s a legal agreement between two individuals. So before you commit to the relationship you must be sure you can weather the storm, for better or for worse. You need to know that if everything goes wrong down the line you can protect your self so what is the best way to do this. “Going through a divorce with my husband and business partner. It was a godsend knowing that I had engaged with Business Law Online when setting the business up it made the seperation so much easier” Victoria Hodges Business Law Online have packages available to support all sizes of businesses whether you are just starting out, or are about to take that next step. We are here to ensure you dont make the costly mistake of not protecting your business and your investment. For as little as £250 per month you can have your own lawyer on call to give you that peace of mind and to reolve those ongoing issues. First of all You need to decide what you want from the business. where you see it going and who does what. Devlop a strategy be sure that all parties are working on the same page. make decisions now for example holidays, sickness cover and dealing with dependants. Cover as many concerns as possible and decide on contingencies Decide who owns what Decide who owns what percentage of the business. You may split the ownership 50/50, but there may be reasons for not doing this. Maybe one party will work full time and one may opt to work parttime? maybe one has more capital to invest and Vivamus this needs to be reflected in the ownership. Put together a contract Donec at libero Create a formal written agreement describing who owns what, who does what, Sed convallis what happens if someone want to leave the business and how the business is to be Suspendisse structured eg Limited company, Partnership etc. (seek professional advice) contd page 7 “The cost of not doing it far out weighs the cost of doing it” 6 Newsletter Template | Feb 16 /05
Category Name Another Article Title Goes Here Aenean quis aliquet mauris, non suscipit mauris. Phasellus malesuada ligula in est cursus gravida. Praesent facilisis ante odio, sed molestie metus convallis in. Doing business with friends and family contd. Draw up a shareholders agreement This is a vital part of protecting the business and you stake in it. It prevents arguments occurring later down the line. Think of the shareholders agreement as a marriage pre-nup. It will define what is to happen if people want to go their seperate ways. It is there to not only to protect the business itself but also to protect your investment in it. Nunc volutpat dui quis blandit blandit. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Quisque tempor orci nec neque feugiat, nec tincidunt dui lacinia. Donec dignissim porta lacus ac sollicitudin. Cras a est eu orci tincidunt facilisis nec eget justo. Ut lobortis at tellus quis dignissim. Donec ac diam vulputate, feugiat risus eu, malesuada risus. Suspendisse tempor, urna eget ultrices tristique, elit quam tincidunt nibh, vel lobortis risus elit quis mi. Nullam a quam non nibh suscipit gravida eu ac arcu. Suspendisse ac blandit dui. Curabitur posuere leo maximus lectus varius, eget varius lorem iaculis. Quisque efficitur blandit urna, non laoreet tortor. Duis mattis, lectus id laoreet suscipit, magna elit pellentesque nisi, vitae fermentum neque mi vitae sem. The agreement should as a minimum set out the rights and obligations, regulate the sale of shares in the company,describe how the company is to run, provide some protection for minority shareholders and define how impportant decisions are made. What should you include in your agreement. 1. issuing and transfering of shares including provisions to prevent unwanted 3rd parties acquiring shares and how a shareholder can sell shares. 2. Proved some protection for shareholders having less than 50% of the share holding. include the requirement for certain decisions to be agreed by all shareholders 3.How the company is to run. This should include the appointment, removal and paying of the directors. Deciding on the direction the business is to take. The provision of information to the shareholders. Any large capital requirements and how this is to be financed and any Banking arrangements Quisque congue aliquam nunc, sed volutpat orci efficitur non. Nunc rutrum risus neque, ut dignissim tellus accumsan quis. 4. The paying of dividends 5. Any competition arrangements. 6. dispute resolution arrangements. A final warning Dont end up in a complicated , dsitressing and costly legal battle down the line because you failed to get the basics right. Working with friends and family can be hugely rewarding but make sure you get thisngs formalised before you start to trade. Nunc volutpat dui quis blandit blandit. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Quisque tempor orci nec neque feugiat, nec tincidunt dui lacinia. Donec dignissim porta lacus ac sollicitudin. Cras a est eu orci tincidunt facilisis nec eget justo. Ut lobortis at tellus quis dignissim. Donec ac diam vulputate, feugiat risus eu, malesuada risus. Suspendisse tempor, Newsletter Template | Feb 16 /05 7
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