Film, Media & TV1 min ago
Am I entitled to anything when partnership splits?
My wife set up a business in 1999 before I knew her. I left my job 3 1/2 years ago and joined the business as a partner. Although there is no partnership deed/agreement the tax returns are done as a partnership with the profits split 50/50 with my wife. If for any reason the partnership split would I be entitled to any part of the business or a percentage of what it is worth?
Answers
Best Answer
No best answer has yet been selected by tonyslim. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.It says in the question Trotbot that they DON'T have a partnership agreement.
I'm no legal expert but I can't imagine that the circumstances as described wouldn't result in a court interpreting you as a 50% partner in all respects, at least for assets accumulated since your joining the partnership. If accounts are actually being completed then presumably they show a capital account balance for you?
I'm no legal expert but I can't imagine that the circumstances as described wouldn't result in a court interpreting you as a 50% partner in all respects, at least for assets accumulated since your joining the partnership. If accounts are actually being completed then presumably they show a capital account balance for you?
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.