Buying & selling products & services
Most businesses involve some form of commercial transaction. You could be selling goods and/or services, as well as buying them and in the eyes of the law, both transactions come with rights and obligations. To protect your interests in both scenarios, it’s advisable to document the terms on which you are selling or purchasing goods and services. You may need to have in place agency agreements, distribution agreements, introduction agreements and terms and conditions of business, for example, as if both parties know where they stand from the outset, there is less likely to be misunderstandings or disputes later down the line.
Documents you might need
- Agency agreement
- Agreement for the supply of goods
- Circular letter introducing conditions of sale or purchase
- Distribution agreement
- Simple introduction commission agreement
- Purchase orders
- Notice to cancel an order
- Assignment of the benefit of a contract
Sharing the load
If having started out as a sole trader, you feel it’s time to share the responsibilities and obligations of running a business with someone else, there are a number of options available to you -Partnerships, Limited Liability Partnership (LLP), and creating a Limited Company (Ltd), for example. But make sure you are aware of the legal implications of each so you find the structure that’s right for you and the future of your business.
Documents you might need
- Limited liability partnership agreement
- Non-executive director appointment letter
- Partnership agreement
- Shareholder’s agreement
- Executive director’s service agreement
- Notice of dissolution of partnership agreement