Breaking Up is Hard to Do
You r business partner is not pulling their weight. Unless you can lower your expectations there will come a time when you decide to go it alone. You go to the lawyer who has been acting for the partnership to whinge about the other partner. However, he tells you that he has a conflict of interest and he cannot act for you. You choose another lawyer. He will be tempted to lecture you on the imprudence of entering into business without a partnership agreement. If this takes any more than half an hour, you may not have made the right choice of lawyer. Of course, you don't have a partnership agreement! Who does he think you are, BHP? If you do not have a partnership agreement then the law generally lays down about ten ground rules: 1. Partners must make financial contributions equally; 2. Partners are equally responsible for the debts of the partnership; 3. A partner may need to pay up the whole debt, not just half...
