AGS
Level 4, 183 Wickham Terrace Brisbane QLD 4001
(1800) 217 217 Free case consultation
Level 4, 183 Wickham Terrace Brisbane QLD 4001
(1800) 217 217 Free case consultation

Thinking of Entering a Business Partnership Agreement? Consider This First

Rather than going it alone as a sole trader, many business owners decide on entering into a business partnership agreement with one or more other people. After all, this helps to share the workload and the responsibilities, as well as the investment of capital, so it often makes sense on many levels. What Exactly Is […]

Thinking of Entering a Business Partnership Agreement? Consider This First

Thinking of Entering a Business Partnership Agreement? Consider This First

Rather than going it alone as a sole trader, many business owners decide on entering into a business partnership agreement with one or more other people. After all, this helps to share the workload and the responsibilities, as well as the investment of capital, so it often makes sense on many levels.

What Exactly Is a Business Partnership?

A business partnership is a group of people who carry on a business together and distribute income and losses between themselves. When it comes to the law, each individual party that makes up the partnership is liable should anything go wrong with the business.

Companies are considered to be a separate legal entity, whereas business partnerships are not.

Business Partnership Benefits

In a partnership, all risks are shared between the partners, and it’s often a more simple and cost-effective way to get a business up and running.

Each partner will also likely bring different skill sets to the business, as well as different networks of useful contacts.

Partnerships are also far more relaxed when it comes to reporting, as compared to the procedures required of a company.

Disadvantages To Business Partnerships

Although partnerships can have their good points, there are also potential downsides to the agreement and business structure.

These include things like each partner’s personal assets being at risk when it comes to business debt and liabilities. If one partner incurs debt, all other partners in the business are equally liable for that debt.

Like any type of partnership arrangement, there can be disputes and a falling out over things like business direction, structure and the sharing of business profits.

Be absolutely certain you want to go into business with the people involved before committing to a business partnership agreement.

One of the very best things you can do is to seek legal advice and establish a Business Partnership Agreement between all parties involved in the business. This will give you both a better legal standing should disagreements arise, as well as peace of mind for everyone.

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Business Partners & Shareholder Agreements Brisbane

If you are located in the Brisbane area, before entering into a business partnership agreement or shareholder agreement, talk it over with your local legal experts at Aylward Game Solicitors. Our team has decades of experience in business law, so trust us to put you on the right track.

There’s no doubt that business partnerships can be a great thing. But it takes a special ‘bunch’ to make it work. Put aside ego and step up the hard work and you’ll be sure to reap the benefits in the long-run.

To discuss a potential business partnership agreement and arrange for solid partner shareholding agreements please call us on 1800 217 217.

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Jackson Elliott
Jackson Elliott

5 months ago

IAN FIELD is awesome at staying on top of things. All are very professional, kind, knowledgeable, and I've had nothing but pleasant experiences with this firm. I have recommended them to others and will continue to recommend their services. thanks

Mana S
Mana S

3 months ago

Worked with Mr Ian Field and Mrs Elise Foote as our mediators. Very disappointed with the service. The process lasted way more than expected and obviously we were charged much more than estimated. The delay caused much more stress rather than helping us to resolve the problem and they didn’t seem to feel responsible enough to care about it. They had many mistakes that we had to correct them which shows they didn’t spend enough time on it and even part of the job remained kind of unresolved and they kind of left me alone without caring about it. I would not recommend them at lest in family matter.

Anita Loader
Anita Loader

5 months ago

I wanted to pass on my thanks to all at Aylward Game, especially Mark Kenny, Shonae Morrison and Allyce Ardern, for all the assistance they have given over the past 6 weeks. As a very novice property purchaser, the professionalism, advice, hand holding, responsiveness and above all patience were so very much appreciated and made what could have been a very stressful time, a very easy process (well, for me at least, maybe not for them!) Who knows, if this venture goes well, it may not be the last they hear of me.... Apologies in advance! 😳

Lawrence Carneal
Lawrence Carneal

9 months ago

Not many firms can compete with the skill and performance that Aylward Game have - I am a very happy camper... fast turn around and diligent research on my property matter thanks to Mark Game.

Cam Smith
Cam Smith

11 months ago

10 out of 10 and 5 star service... when it comes to property conveyancing Brisbane - they will not be beaten as far as support. Yes you can probably save a few bucks elsewhere - but you won't get the same attention to detail and support anywhere else! Thanks also to Allyce for helping deal with the selling side (which sounded tough)

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