When a handshake is not enough: why you need a Partnership Agreement

If you set up in business with one or more other people but do not wish to set up a limited company, a partnership arrangement will be deemed to exist at law without the need for a formal contract. However, whilst a written partnership agreement is not required to form a partnership, if you wish to avoid uncertainty and the automatic application of potentially unsuitable statutory law, a formal agreement is a wise investment. What happens if we don’t sign a Partnership Agreement? In the absence of a written agreement, the provisions of the 1890 Partnership Act will apply. In essence, these state that all the partners are equal and share profits, losses, start-up and running costs as well as the workload equally. Whilst the provisions are intended to provide an equitable framework for running your business, in reality, there are significant implications. For example; - all partners will be entitled to share the profits equally regardless of how much capital, effort or s…
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How to Optimize Your Networking Skills

How do you improve your networking skills? This is a very important skill to have for business and life in general. Networking is basically having a conversation with others. This is very important, whether your objective is getting a job, a JV partner, or customers. The best example of this is the network marketing industry. If you get on the phone and reel off your sales pitch, you likely won’t do very well. People want to buy from someone who cares about them. They won’t buy from someone whose main objective is to make money for themselves. The same goes for networking. The more you show you care about the other person, the more likely you are to get a satisfactory result yourself. “It’s not what you know, it’s who.” For instance, if you want to be an author, getting to know other top authors will be very beneficial. This is because they will help promote your book for you. So whether you are looking for a job, JV partner or more customers, being able t…
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