When starting a new venture, whether it’s with friends or work colleagues it’s essential to have the right documents in place to ensure the partnership runs as smoothly as possible.
Our clients were founders of a brand-new concept restaurant in London. When opening the new venue, they needed a carefully crafted service agreement to make sure all partners involved were protected. This included how the restaurant would be managed and how the responsibilities and services would be handled.
One of the essential considerations was how to deal with the intellectual property created from the venture. By considering these questions we were able to use the service agreement to iron out any issues that could arise and make sure the partnership was secure from the start.
This is a good example of the kind of issues faced when creating a new partnership with someone. Without the new restaurant having a service agreement in place the partnership would have been at risk and led to a possible fall out and dispute. Verbally agreed partnerships are often not enforceable and it’s difficult to prove what’s been agreed. Written contracts are the building block of any successful business that wishes to grow and scale.