There are many aspects to forming a business and partnership is one of these options.
Commonly used by professions such as solicitors, doctors, dentists and accountants, it can also be used across most industry sectors.
There are many advantages to a partnership based business as opposed to what is known as a Limited Liability Company and you can benefit from our extensive experience in assisting in both the drafting of partnership agreements as well as resolving partnership disputes. It is important to remember that under the Law of Partnership, each partner is liable for all debts of the other with the exception of income tax, which is personal to each specific partner.
To ensure there is no conflict of interest, you can benefit from our assistance in drafting a partnership agreement that is fair to all of the partners.
Unfortunately, there are times when partnerships have to be brought to an end for various reasons such as incompatibility or disagreement. In instances such as these, you can benefit from our experience in resolving these disputes. In the absence of agreement, when the dispute has to go to court, you will be sure that we take a practical approach to try and resolve differences, ensuring the best possible outcome for all involved.
If you are entering into a business relationship with an individual, business or company either within the province, the rest of the UK or Republic of Ireland, it is important to seek advice early on.
The terms and conditions of the contract need careful consideration as well as the location and rights of enforcement e.g. if there is a dispute where the case is going to be heard, many contracts, especially with companies outside the province have to be resolved outside Northern Ireland.
As lawyers in another jurisdiction i.e. the Irish, English or Scottish Jurisdiction have to be instructed, this can work out to be very expensive for the client.
We can assist in discussing matters with you, examining the contract, advising you of its terms and the costs involved. If further expertise is required from outside the jurisdiction we can assist in obtaining further assistance for you.
Remember it always pays to have these documents examined prior to signature.
Once a contract is signed, you are deemed by the law to have read and understood what you are agreeing to. Unfortunately, there are always those individuals and businesses who have signed documentation without understanding it and subsequently have paid the penalty at a later stage.
Stephen Scott and Company solicitors have acted for many businesses and individuals, which have had to go to law to enforce their rights and terms of contracts.
Going to law can be expensive and it is important that litigation, i.e. court action is not entered into lightly. Frequently, there are opportunities to try and resolve the case by negotiation and we like to have a proactive approach from day one, giving sound advice to assist clients in resolving their dispute in the most speedy and cost effective way possible.
In cases where it is necessary to have to go the full way to court, we like to take a proactive approach to ensure the best possible result for clients.
We have developed good working relationships with a wide range of professionals such as barristers and forensic accountants and are able to work together when needed to ensure the best possible outcome for you.
You are all aware of examples of franchises such as McDonalds, Burger King, the Body Shop, Starbucks - these are a number of types of franchising which spread across a wide range of industries today.
Business franchising is the safest and most risk-free way to start up and run a successful business, however running a franchise isn't for everyone, so take time to understand what running a franchise entails before you decide to buy a franchise business.
If you are considering adopting a franchise, we can assist you in the research and negotiation to ensure your investment is protected and you are not at risk to the franchise owner.
It pays to meet with a solicitor early on to discuss the terms and negotiate on your behalf, flushing out information you are not in agreement with, looking at the small print and making sure it is a member of the British Franchise Holders Association.