WITHOUT AN AGREEMENT, PARTNERS HAVE EQUAL SHARES

WITHOUT AN AGREEMENT, PARTNERS HAVE EQUAL SHARES

He brought the idea, you brought the money, another partner handled operations. The business grew. Everybody smiled.

Then disagreement started. The person who contributed less began to demand equal ownership, equal profit and equal control.

Emotions rose, friendships broke, threats followed. Lawyers were involved at that stage.

In Nigerian business law, if there is no profit-sharing Agreement/Deed of Partnership in place, the law can treat partners as having equal shares regardless of who invested more money, assets or carried more responsibilities.

That legal mistake has affected thriving businesses, investments and partnerships.

Business is not sustained by trust alone. Memory fades, promises change, people change.

Once money starts flowing, undocumented arrangements become dangerous.

A proper Partnership Agreement prepared by a Business Lawyer states profit sharing formula, defines ownership structure, capital contributions, managerial powers, liabilities, decision-making authority, dispute resolution, exit rights and what happens if one partner dies or withdraws.

Without those protection, business partners can be trapped in expensive disputes capable of damaging operations and destroying years of hard work.

This is why serious business people involve experienced Business/Corporate Lawyers from the beginning, not after issues arise.

In business, unclear partnership is a silent time bomb. Avoid it.
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APEX CHAMBERS, Law Firm of Property/Real Estate and Business/Corporate/Commercial Lawyers, Attorneys, Barristers, Solicitors, Advocates and Legal Practitioners rendering legal services, Legal Consultants and Notary Public with Law Office in Port Harcourt, Rivers State, Nigeria

Phone: +234(0)7030868694 (Calls and Whatsapp)

Email: info@apexchambersglobal.com

Website: www.apexchambersglobal.com