Hello my name is ***** ***** I will help you with this.
Do you have a partnership or Limited Company?
Do you have any form of agreement between you both?
Hi, thank you for your reply. It is Partnership agreement.
We have a Partnership agreement signed by both of us.
We didn't agree on anything yet. I said that I will provide her with 2 options..
Ok - what do you want to achieve?
Well, keep the website and name of our "company" or leave, and be able to work in Recruitment and keep my Clients.
but if I want to keep everything I will have to pay her...
Indeed. Do you know what the value of the business is?
so far we have closed one recruitment placement - fee of £4500 (not yet invoiced and not paid yet), and we owe £500 to an accountant, £70 for website hosting (per annum), plus on top we have my partners husband who created website and is working to improve the google.co.uk search rating (SEO) but for this we havent agreed a price or signed any contract (market price for this would be circa £2,000).
Ok, so in all the partnership does not have much in way of assets?
correct, no assets - other than website, database of candidates and some clients. no assets (no offices, no computer equipment, no phones etc etc - we work from my lounge).
can I send you our contract?
or just just specific clauses?
Can you send me the clauses?
Which ones do you need?
sure, 1 sec
so, we have this;
and this ;
Hi Alex, do you need any additional info?
You will need to get a valuation of the business then give notice to dissolve it
However the value is only going to be the assets.
The company name will have some value, even if a little.
Once you have done this then you can buy your partner out
Once the business is dissolved you can purchase the name or the goodwill of the business
Clearly you only would need to pay half because you own the other 50%!
But give notice to dissolve, get it valued and that is what you need to pay your partner
Can I clarify anything for you about this today please?