- Original Poster
- #1
Hi all,
I am currently working with a friend and we have been discussing opening our own business, possibly forming a Ltd company or partnership.
Having been through this site I have come across numerous posts of friends/business partners falling out and the business suffering, although having worked together for quite a few years and being good friends doing private restoration projects in our own time I don't see this happening to us but me being me I like to prepare for every eventuality.
What MUST HAVES should we put in place when we form the company to prevent any disputes should they arise in the future?
*Will a company formation site provide just basic shareholder/director agreements or can they be modified with our particular set of rules?
* Should it be a 50/50 split of shares or should we adjust it to prevent any stalemates? (51%/49%)
*What should the directors agreement cover? (we both need to agree on hiring/firing if we take on staff, salaries/dividends, company purchases, disciplinary procedures, Employee contracts)
*What should we make sure we cover in our Terms/Conditions for customers? Can we modify templates from the web or should we invest on getting them done professionally?
This is early days and I have a million questions going through my mind but this site is proving to be a very valuable resource!!
I am currently working with a friend and we have been discussing opening our own business, possibly forming a Ltd company or partnership.
Having been through this site I have come across numerous posts of friends/business partners falling out and the business suffering, although having worked together for quite a few years and being good friends doing private restoration projects in our own time I don't see this happening to us but me being me I like to prepare for every eventuality.
What MUST HAVES should we put in place when we form the company to prevent any disputes should they arise in the future?
*Will a company formation site provide just basic shareholder/director agreements or can they be modified with our particular set of rules?
* Should it be a 50/50 split of shares or should we adjust it to prevent any stalemates? (51%/49%)
*What should the directors agreement cover? (we both need to agree on hiring/firing if we take on staff, salaries/dividends, company purchases, disciplinary procedures, Employee contracts)
*What should we make sure we cover in our Terms/Conditions for customers? Can we modify templates from the web or should we invest on getting them done professionally?
This is early days and I have a million questions going through my mind but this site is proving to be a very valuable resource!!
