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Discussion in 'General Business Forum' started by Monik2510a, Jul 8, 2019.
Can myself and my husband start a new business and trade as parynershio ?
The tension of unquestioned answers in this thread is palpable...
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.
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.
Is this a new thing.
I can recommend a good divorce lawyer.
Bizarre advice considering you have no idea what business they intend to operate.
To be fair most of his 'advice' is a bit odd
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
i suspect mostly a mixture of received wisdom & quick Google searches to get the signature seen.
You can but like yeah, that sounds a scary prospect to me
As Francis Urquhart would have said "You might very well think that; I couldn't possibly comment"
Husband and wife is okay, but siblings is a no?
Me and the Mrs are Co-directors, our decree absolute is due any time now.