Corporate - Partnership and Company Law in Blackpool

Partnership Law
Partnerships often go wrong. It can be because one partner is not pulling his or her weight or perhaps has an unjustifiably high opinion of their own worth to the business. This is why it is advisable to see your solicitor before embarking upon your business venture so that all the partners understand what is required of each other by having it written down in a Partneship agreement.

Partnerships are governed by the partnership agreement or by the Partnership Act 1890 which was well drafted and, despite its age, is still very relevant. Partners owe a duty of good faith towards each other. They are not permitted to make a secret profit and must devote their whole time and attention to the business unless they have agreed to the contrary. Some Partners ignore these duties and when things go wrong we can become involved in litigation to bring the partnership to an end and wind up the business which might nevertheless be continued by some of the former partners. Partnership litigation can be an expensive exercise and it has always been our policy to warn clients about the expense of what they are getting into and to try to resolve their differences by means other than court proceedings. Compromise is often much cheaper than litigation.

Company Law
A company is an entity which is quite different from a partnership. A company has a legal existence quite independent of the individuals involved in the business, and there are strict rules for running a company e.g. filing details with the Registrar of Companies. Sometimes Companies can be dissolved and struck off the Register because they have not filed accounts or their annual Return. It may be that the Company still owns property which needs to be sold or it is necessary to continue in business even for a short time, for a specific purpose. Companies can be restored to the Register. There is a procedure which involves an application to the court. We can deal with this for you. In any such cases contact Neil Jones nrj@johnbudd.net

Companies in some circumstances will need Shareholder agreements or changes to their Articles of Association, rights issues, removal of Directors, voluntarily or otherwise. Sometimes the majority of shareholders act oppressively towards a minority. Proceedings can be brought but these can be expensive and usually end up with the majority being ordered to purchase the minority's shareholding at a fair price to be fixed by an independent accountant. Again compromise is often cheaper than litigation in these cases. In any such cases contact Neil Jones nrj@johnbudd.net who will be able to offer valuable advice and assistance. For the sale or purchase of companies contact Alan Mumby arm@johnbudd.net

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