Partnerships

noodles

I have a partnership client at the moment which is 50/50 and traded 2 years and all ok. Now one partner has decided to do a 3 day week and take lots of holiday whilst the other does a 5 day week and takes standard holiday. As you can imagine one of the partners is not happy about this. The 3 day week partner does not want to change the split from 50/50 as wants say in the company. Any suggestions. I have thought about a salary being paid to the longer day person but how would you calculate what that salary should be, ahhhhhhhhhhhhh

views appreciated.

Monsoon

noodles wrote: »

ahhhhhhhhhhhhh

views appreciated.

I agree with you.

Partnerships bake my noodle, no pun intended.

Sorry, not much help, but this thread looked unloved, so I thought it needed a reply at least.

noodles

this made me chuckle and took my mind off this horrible VAT return I am doing!!

anniem

Strikes me that the original partnership agreement is no longer fair on the partner who is still working to the 'old' terms; I think that it is perfectly understandable that they might be a bit miffed. 50:50 split would seem to indicate a 50:50 input.

I think you need to look at the partnership agreement to see exactly what it says about the work commitment of each partner.

Either way they need to sit down together and amicably sort out the way forward; it isn't going anywhere if they fall out completely.

noodles

there isnt a partnership agreement but I guess there soon will be once this is sorted. Once party just decided that she does not need to do full time and that her hobbies of golf took priority. Problem is, it is a curtain making company, so one is working hard 5 days a week the other 4 and lots of holidays. It is not right. A salary has to be agreed before the split.