A question on partnerships?

Tim, Anne and John have been friends at University for the past four years and feel they know each other well enough to enter into some kind of business venture together upon graduation. Tim has just inherited a large sum of money from an aunt and has used some of it to buy up all the currently available UK stock of specialist Soviet army arctic survival gear which he and John are planning to market and distribute throughout UK University ice mountaineering societies and other specialist networks. John, in particular, has extensive contacts in this field throughout the UK and is a well respected climber. Unfortunately he has also run up a high level of student debt in his final year and Tim and Anne have lately become increasingly worried about his alcohol consumption and general reliability. Should Tim and Anne form a partnership or employ some kind of agency arrangement? If they form a partnership what would you advise them to provide for in the partnership agreement and why?

1 month ago - 1 answers