Buddha's words

Buddha's words
My inspiration. We are what we think, All that we are arises from our thoughts, With our thoughts we make the world. Photo copyright Sean Duggan

Friday, May 29, 2009

Partnership issues if you become self employed with a partner

Dear friends and readers

It is a new financial year. You may have looked at my last 2 blogs about going into business.

Sometimes, you may find that although you wish to become self employed, you may not have the funds to go on your own into a business.

You might have considered having a partner to share the expense , the load and the risk. Sometimes that may be a good idea as two heads are better than one.

However, there are several things to consider as having a partner can be like going into a marriage. Questions that may need to be considered include:

(a) do I really need a partner?
(b) Is the partner going to be a blessing or a curse?
(c) What is the partner going to do for the business?
(d) What if I want to dissolve the partnership?
(e) Should I have a partnership agreement?
(f) What happens if I do not have a partnership agreement?

Well, I had the opportunity of discussing some matters regarding partnerships with Jeff Miles, my business doctor. Have a listen to our latest podcast which may save you a load of money if you are thinking of taking on a partner.

Please visit


If you have any questions regarding a potential partnership issue, feel free to email me at ray@tanandtanlawyers.com

Till then, have a good day.