Partnerships Offered Free ‘SME-nup’
The Law Society has launched a free ‘SME–nup’ guide containing the essential legal steps small–business partnerships need to include in partnership agreements.
Research from the Law Society highlighted that more than a third of small–business owners in partnerships do not have a partnership agreement of any form.
According to the Law Society, many of the SMEs surveyed believed goodwill between the two parties was basis enough for a partnership.
“People don’t go into business together expecting to fall out, so it’s all too easy for them to fail to take the correct legal precautions or seek sound advice before launch,” said Law Society president Andrew Holroyd. “We have launched the SME–nup to help these firms protect themselves.”
The SME–nup, which has been launched jointly with mobile phone network O2, is a checklist covering the more common areas businesses need to include in partnership agreements. These include identifying each partner’s contribution of assets and managing the transfer of shares.
Small businesses can also arrange a free half–hour telephone consultation with a Law Society solicitor, who will provide legal guidance and help formulate the SME–nup into a legally binding partnership agreement.
To download the SME–nup guide and to find out more about the free legal advice service visit the O2 website