Last updated at 11:37, Tuesday, 20 November 2012
KATE JONES is an associate solicitor in the employment and commercial department at Livingstons. Please contact her for a free initial consultation at email@example.com or 01229 585555.
Q My wife and I have run our own business for 18 years. We do not have a company.
We invested all our savings to set up the business and it has been successful. Our daughter works for us and she is engaged. Our hope for the future is to retire and leave our daughter to run the business.
We have concerns about involving our future son in law in the running of the business because he has already been married and divorced before.
We want to ensure the business stays in the family and that it continues, whatever happens in their relationship.
At the moment we do not have any formal agreements between the family about the running of the business.
We would like to know our options for giving our daughter and future son in law a share in the running and ownership of the business.
A You are right to think ahead and start planning for the future now.
At the moment you and your wife are a partnership. You could ask your daughter and/or her fiancé to become partners too.
I would strongly advise you to get a partnership agreement drawn up to cover each partner’s rights and responsibilities.
In the absence of such an agreement, the default provisions of the Partnership Act of 1890 would apply to the business – and this would almost certainly mean that things were not organised as you would like them to be!
You could also consider becoming a limited company. The main benefit is limited liability – unless you expressly agree otherwise and provided you act legally, your personal assets would not be at risk if anything went wrong.
You could also arrange matters so as to deal with your concerns about your daughter’s partner.
For example, you and your wife could remain as the owners (shareholders) of the business and only appoint your daughter and her fiancé as directors for the time being, perhaps until such time as their relationship becomes more established.
I would advise you to contact us now for an initial, free of charge consultation so we can discuss your options further.
• If you have any business or employment queries please email Kate at firstname.lastname@example.org.
First published at 11:35, Tuesday, 20 November 2012
Published by http://www.nwemail.co.uk
- Race against time to Cumbria and Lancashire save maternity units
- Staff moved to tears by damning report into Barrow maternity failures
- Supermarket approved for Ulverston
- New headteacher appointed at Millom School
- Record day for young musicians at Ulverston contest
- The Pearl Izumi Tour Series BAE Systems Barrow Stage 2014 (3 comments)
- Thefts at South Cumbria churches
- Six jobs go as Barrow loan shop closes
- Parents of starving Ulverston children in court tomorrow for sentencing
- Police appeal after damage to Barrow house
- Fylde striker and ex-Barrow AFC player warns - title race not over yet
- Aussie ace out to impress for Barrow Raiders
- Top GB prospect backs Barrow fighter
- Charities benefit from Barrow boxing night
- Players Quick off the mark at Furness College: with picture gallery
- Duddon paddlers claim eight first places
- Four Duddon canoests in frame for world champs
- Students show skills at Furness festival: with picture gallery
- Schools cross country at Walney draws nearly 200: with picture gallery
- St Bernard's taste county finals success: with picture gallery
Visit our websites for...
- Owners vow to rebuild after alleged drink driver smashes into Barrow chippy (13 comments)
- Starving Ulverston children left ‘looking like urchins from Oliver Twist’
- Walney bridge to close this weekend (42 comments)
- Cyclist still in serious condition following Ulverston crash at the A590 junction
- Barrow hotel to be demolished (39 comments)
Great Daffodil appeal 2015
Homes and gardens 21
Power to switch
Walk to remember
Choosing a secondary school
To save our contact details direct to your smartphone simply scan this QR code
|Evening Mail Going Out|