Legal Question in Business Law in South Africa

Enter your question here...I was in a security business but due to physical challenges I failled to maage a business by the time I recovered I have already lost everything and my company was bankrupt, and the CK for my company expired. My client want to offer me business again but I can't stand on my own. I consider to go in partnership with the people with the same business that offer same service for 5yrs when busy rebuilding my company. Now I need advise legally before I sign any contract. What type of partnership can I entered to? What percetage I can accept which is reasonable? Do I have right to tell them to open joint account so I can have access to money(see how much is in and out)?


Asked on 4/17/14, 8:05 pm

1 Answer from Attorneys
Sam Jackson

In matters of this nature it is imperative that all parties' rights are protected and that there is a clear understanding among all parties what their respective rights and obligations in respect of the business will be. Even more important is that the terms of the agreement must be recorded in writing.

The best way to achieve this is to have legal representation throughout negotiations. It will avoid many possible future disputes with your business partners and will be money well spent.

The answers that you require will be best discussed with your chosen attorney and will depend on an assessment of your current circumstances and expectations regarding the conduct of the business.

If you have an attorney, I would advise you to discuss these issues with him/her. Alternatively, you could contact my colleague, Gys Niesing for a meeting to discuss the possibilities, at 084 593 2341 or [email protected].

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Answered on 4/19/14, 2:17 am


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