Able, a qualified electrician, has been employed by an electrical contractor for a number of years and enjoys the work. He is now considering the possibility of starting out
- on his own as an electrical contractor. His uncle, a retired bookkeeper, has offered to provide Able with the necessary financing to start up his business. He has also offered to join him in the business, either at the beginning or later on, if the business grows to the point where Able might need help in its operation. Able is uncertain as to how he should proceed and arranges for an appointment with a lawyer for advice.
Using the information in this chapter, what advice might the lawyer give to Able?
This is an answer, but it is too short. Please, add some information
The lawyer may advice Able as follows
Have a written partnership agreement. This will help him in case of retirement, bankruptcy or death of one of the partners.
He should also follow accounting procedures and keep communication flow clear to avoid losing money to his partner or due to partnership.
They should also have terms in the agreement for the purpose of limiting the liability to un expected debts.
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(Note:
Book: Fundamentals of Canadian Business Law, Second Edition Paperback by John A Willes, John H Willes
https://onedrive.live.com/redir?resid=C84C89BD7A524270!7930&authkey=!AKBgKScNc945F1M&ithint=file%2cpdf )
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