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Daniel, Solicitor
Category: Australia Law
Satisfied Customers: 5789
Experience:  Bachelor of Laws (dist) Graduate Diploma in Legal Practise. Admitted NSW Supreme Court / High Court
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A friend is about to buy into my business as an equal

Customer Question

Hi there, a friend is about to buy into my business as an equal partner (50/50). We have drafted a partnership agreement but just want to know if we should ,lodge this with solicitors or is it binding if we have each signed and have independent witnesses? cheers, Deb
JA: What state are you in? It matters because laws vary by location. Has anything been filed or reported?
Customer: Victoria. No we have only printed off a template and drafted it ourselves so far
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 11 months ago.
Category: Australia Law
Expert:  Daniel replied 11 months ago.

As a solicitor, I would suggest having a solicitor look over it, give some independent legal advice before entering into the agreement.

Having said that, even if that does not occur, the document would be binding if adhered to, as a court, if the business turns sour, will be of the view that each party is a BUSSINESS ORINTATED PERSON and thus would have looked into the options, or at least SHOULD have looked into the options and agreement before entering into it.

It is not a situation where it is some agreement with some random on the street, it is with two parties wanting to have a business together and is treated differently and of a much higher threshold.

All I can really suggest is, if there is ANY variation of the agreement, have it in writing.

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