Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Relationships

Mumsnet has not checked the qualifications of anyone posting here. If you need help urgently or expert advice, please see our domestic violence webguide and/or relationships webguide. Many Mumsnetters experiencing domestic abuse have found this thread helpful: Listen up, everybody

Flip

Original poster

doing business with DP

11 replies

tostaky · 17/04/2009 18:14

Been with DP for 5 years and now he is asking me to be his business partner in the cie he is setting up with one of his colleague.
Now, i wont have anything to do, they only need another person to set up the companie.
Should I ask for money? because I am taking a albeit small, risk...
and well, without me, they wouldnt be able to do their stuff... or they would have to trust someone else... or is it blackmailing to ask for money?

what do you reckon?

OP posts:

Kay4MattTTC · 17/04/2009 18:44

i think you should ask for some money.

after all you are going to be part of the business so it is only far you get a cut of what they earn

LuluisgoingtobeanAunty · 17/04/2009 18:45

i thought it was a euphemism for shagging!

as you were....

MuffinBaker · 17/04/2009 18:46

What is the risk?

I find it a bit sad that this is a long term DP but you can't talk to him about it and check out the risk you feel you are taking.

solidgoldshaggingbunnies · 17/04/2009 18:48

I suggest checking this out with someone who knows more about such things before you agree. I am not sure but I have a feeling there is something mildly shady/tax-dodgy about involving one's DP as a business partner when s/he won't be involved in the actual work at all: don;t agree to anything that is going to mess up your credit rating or leave you liable if the company goes tits up.

ourlot · 17/04/2009 18:50

I made my DP a partner in my company as I needed to have another name. If he'd asked me for money I'd've laughed! My money goes into the family purse as his does so it would've been silly. He had no risk though.
What risk is there for you?

ourlot · 17/04/2009 18:52

Nothing shady about it so long as you're not paying them, or if you are you must declare it. Will the shares be in his name or yours? Is it a Ltd Company?

Quattrocento · 17/04/2009 18:55

I'm not clear what you are talking about:

Do you mean a partnership? In which case you would be jointly and severally liable (do not touch with a bargepole unless you really understand what they are doing).

Or do you mean a company? WHich is rather different. Why do they need you to set up a company? What role do they want you to undertake?

AliBean · 17/04/2009 18:58

If the company is limited you should have no risk if it folds.
However if you are named as a director then if accounts and company returns are not filed in time you may be liable for fines by companies house.

If you are worried you should consult a solicitor or accountant. I think CAB may also be able to advise...

On a personal note, I run a company with my DP and we have 2 other business partners (another couple with a 50% share), it is very difficult and stressful at times. I wouldn't make the same choice again. Think very carefully as if you ask for money you are assuming responsibility for a portion of the company whether you are working or not and it will be stressful.

PistachioLemon · 17/04/2009 19:17

tostaky, I'm a bit confused as to why they need you to be involved.

Quattrocento is absolutely right, if it is a partnership you are liable for the business, even if your only involvement is to have your name on the letterhead and you do not have a written agreement. I would be extremely cautious about this if I were you. The minimum requirement for a partnership is two people so if your DP is setting up with another person, they do not need you also to be a partner in order to form the business.

Similarly, if it is a limited company and it is a small company, only one director is needed so you will not be needed in order to set up the company. If you do become a director, even though there is limited liability for directors, there are ramifications and you could be liable if the company becomes insolvent and the directors have not run the company properly (for example).

Sorry if I have misunderstood, but I thought I should point this out. Really you need to take some independent advice so that you can make sure you know what you are doing.

Quattrocento · 17/04/2009 19:20

Yup I am with Pistachio.

You're using two terms which are confusing me - partner which means being in partnership with, and company which is a different thing.

Do take some independent advice. A dear friend of mine lost her house through going into partnership with her husband.

solidgoldshaggingbunnies · 17/04/2009 21:08

Yup. definitely get independent advice. Tell your DP that you want to think it over. If he starts pressuring you or telling you not to be silly, then walk away fast. If he is the decent bloke you think he is, he will understand that you want to know what you are getting into.

Flip