Partnership husband & wife

Discussion in 'General Business Forum' started by Monik2510a, Jul 8, 2019.

  1. Monik2510a

    Monik2510a UKBF Newcomer Free Member

    7 0
    Can myself and my husband start a new business and trade as parynershio ?
    Posted: Jul 8, 2019 By: Monik2510a Member since: Jun 9, 2019
  2. The Byre

    The Byre UKBF Ace Free Member

    8,950 3,496
    Posted: Jul 8, 2019 By: The Byre Member since: Aug 13, 2013
  3. Noah

    Noah UKBF Ace Free Member

    1,200 299
    The tension of unquestioned answers in this thread is palpable...
    Posted: Jul 8, 2019 By: Noah Member since: Sep 1, 2009
  4. cjd

    cjd UKBF Legend Full Member - Verified Business

    15,451 3,074
    You can but you are jointly and severally responsible for it. That means that you are both liable for whatever each of you do and that your personal property is not protected from creditors if things go wrong.
    Posted: Jul 9, 2019 By: cjd Member since: Nov 23, 2005
  5. TheoNe

    TheoNe UKBF Regular Full Member

    135 14
    I would be very supportive of a husband and wife team entering the exciting world of entrepreneurship. You know each other's strengths, weaknesses and which one of you would excel at different tasks. I would however plan a few actions once the business is up and running.

    Get an office ASAP - if you don't have the funds right away for your own private office, the co-working spaces are a great option. They offer pretty flexible memberships which are a budget-friendly opportunity to get out, meet new people, maintain sanity and keep potential disagreements at bay.

    Define your respective roles - this goes back to strengths and weaknesses. You should have clearly defined roles within your company. You should both create clear job descriptions for yourselves and set expectations about who will look after which tasks for the business.

    An emergency fund - money can cause a huge variety of issues in a marriage, never mind throwing a business into the mix. Make sure you have access to emergency cash at the start of a business venture. When you start out, cash flow can take months to get in order especially if debtors are slow at paying invoices. Your fund will come in handy here and will keep you going through these difficult first months.

    I hope this helps.
    Posted: Jul 9, 2019 By: TheoNe Member since: Jul 6, 2019
  6. billybob99

    billybob99 UKBF Regular Free Member

    1,163 259
    Is this a new thing.
    Posted: Jul 9, 2019 By: billybob99 Member since: Apr 23, 2013
  7. obscure

    obscure UKBF Ace Free Member

    2,965 709
    I can recommend a good divorce lawyer.
    Posted: Jul 9, 2019 By: obscure Member since: Jan 18, 2008
  8. BusterBloodvessel

    BusterBloodvessel UKBF Regular Free Member

    157 59
    Bizarre advice considering you have no idea what business they intend to operate.
    Posted: Jul 9, 2019 By: BusterBloodvessel Member since: Jan 22, 2018
  9. alan1302

    alan1302 UKBF Enthusiast Free Member

    545 99
    To be fair most of his 'advice' is a bit odd
    Posted: Jul 9, 2019 By: alan1302 Member since: Jun 2, 2018
  10. Ian J

    Ian J Factoring Specialist Full Member - Verified Business

    5,337 1,530
    When reading all of the negative responses on this forum do bear in mind that only people whose partnerships have failed will come here for advice on the subject and the vast majority of partnerships don't fall in to that category
    Posted: Jul 9, 2019 By: Ian J Member since: Nov 6, 2004
  11. Mark T Jones

    Mark T Jones UKBF Big Shot Full Member

    3,459 1,036
    i suspect mostly a mixture of received wisdom & quick Google searches to get the signature seen.
    Posted: Jul 9, 2019 By: Mark T Jones Member since: Nov 4, 2015
  12. OhhEnnEmm

    OhhEnnEmm UKBF Contributor Free Member

    54 4
    You can but like yeah, that sounds a scary prospect to me o_O
    Posted: Jul 9, 2019 By: OhhEnnEmm Member since: Nov 6, 2018
  13. Ian J

    Ian J Factoring Specialist Full Member - Verified Business

    5,337 1,530
    As Francis Urquhart would have said "You might very well think that; I couldn't possibly comment" :D
    Posted: Jul 9, 2019 By: Ian J Member since: Nov 6, 2004
  14. xCarlx

    xCarlx UKBF Newcomer Free Member

    11 1
    Husband and wife is okay, but siblings is a no? o_O
    Posted: Jul 9, 2019 By: xCarlx Member since: Jul 6, 2019
  15. OMGVape

    OMGVape UKBF Regular Free Member

    246 30
    Me and the Mrs are Co-directors, our decree absolute is due any time now.
    Posted: Jul 9, 2019 By: OMGVape Member since: Jan 21, 2018