Do

  • have all your Partnership Agreements; Shareholder or Unitholders Agreement in writing prepared by lawyers. If it is not written it is not done.
  • have a business Succession Plan between business partners in place including financing of retirement, death or disability
  • review your Will regularly to meet your changing circumstances.
  • register all intellectual property rights including trademarks, designs and patents.
  • quarantine your family assets from your business assets in the event of worst case scenarios.

Do Not

  • rely on verbal agreements between participants in a business as common understanding goes out the window in a dispute and to the grave on death.
  • enter into any legal document without it being reviewed by a Lawyer prior to executing them.
  • provide guarantees for other parties without first obtaining independent legal advice.
  • deal with companies by providing goods or services without obtaining personal guarantees from the Directors of the company.
  • rely on verbal orders always obtain confirmation in writing on your standard terms and conditions prior to fulfilling any order.

Please note:

You should not act only on the basis of material contained in these law tips because the contents are of a general nature only and may be liable to misinterpretation in particular circumstances. Do not act on any of the contents of this leaflet without first obtaining specific advice from your own solicitor or Eales & Mackenzie.