Legal Question in Business Law in United Kingdom

My friend and I are about to set up a catering trailer but I need to understand which is the best way to do this. Do we set this up as a partnership or do one of us set this up and employ the other.

Obviously partners with have an equal share over everything and are responsible for everything but are there any financial disadvantages to setting up as a partnership?

Can we both set this up as partners and be sole traders?

Many thanks


Asked on 2/10/10, 12:20 pm

1 Answer from Attorneys
Andrew Dutton Legal -Zone

if this is to be a joint business venture in which you both have equal shares it would in law be considered a partnership unless you take steps to establish otherwise. Your sensible course would be to have prepared a partnership agreement setting out the shares and arrangement between the two of you. Further information and a partnership agreement which can either be prepared for you or downloaded is available from

www.legal-zone.co.uk

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Answered on 2/11/10, 4:25 am


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