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INC Law
INC Law, Solicitor-Advocate
Category: Law
Satisfied Customers: 13637
Experience:  LL.B, LPC, LL.M, Pg.Dip, Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
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1 year ago me and my business partner made a verbal

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1 year ago me and my business partner made a verbal agreement about our mutual property’s rental income.
Our agreement was, he receives 100% profits from rental income for 2 years to cover the refurbishment expenses that he has solely paid for.
If in the 2-year period the rental income is more than the refurbishment money he spent, this is his profit also; and I view this as a kind of interest payment from me to him because he helped me out at a time I had no money....
Assistant: Where are you? It matters because laws vary by location.
Customer: Luton, uk
Assistant: What steps have you taken so far?
Customer: We have professionally drafted the above verbal agreement as a written agreement.
Assistant: Anything else you want the Lawyer to know before I connect you?
Customer: This document was created in hindsight in order to keep a clear proof of profit allocation

Hi,

What were the terms of your arrangement?

Customer: replied 6 days ago.
Our agreement was, he receives 100% profits from rental income for 2 years to cover the refurbishment expenses that he has solely paid for.
If in the 2-year period the rental income is more than the refurbishment money he spent, this is his profit also; and I view this as a kind of interest payment from me to him because he helped me out at a time I had no money.

We have professionally drafted the above verbal agreement as a written agreement. This document was created in hindsight in order to keep a clear proof of profit allocation and for the purposes of tax due individually.

This is my question:
Can we backdate and sign this document and legally have it witnessed by a solicitor?
&
How far back can you backdate and sign a document and get it witnessed by a solicitor? Is there a legal limit?
Customer: replied 6 days ago.
The issue is tax burden.
Although things are good with my business partner and me now, I still want a legal document clearly showing that the tax burden for profits is his, not mine for that backdated period.

Therefore can we:
(1) simply backdate a document and sign it
OR
(2) do we sign the current date and simply mention in the actual document itself that these terms took effect from a previous time?

Hi

Sorry for the delay I getting back to you.

You can prepare and date an agreement, but it cannot be backdated. What you can do is have a commencement date in the agreement and this could be before the date the agreement was signed.

I hope this answers your question. If so, kindly rate the answer and provide feedback.

If you have any further questions, please do not hesitate to ask.

Many thanks

Customer: replied 6 days ago.
Hi,
Thanks for that answer, for which I will make sure to leave a positive feedback for you; but just one more related question. The “Commencement Date” can it go back any length of time eg 10 years?

Hi,

It can be whatever the parties agree.

I hope this answers your questions. If so, kindly rate the answer and provide feedback.

If you have any further questions, please do not hesitate to ask.

Many thanks

INC Law and 3 other Law Specialists are ready to help you
Customer: replied 6 days ago.
Thank you.
I will leave this feedback:
This expert was courteous and gave clear advice, answering further related questions to my full satisfaction.