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wildyammm

December 12, 2007

Posted by wildyammm

50/50 partnerships

Any advise on how to deal with a maternity leave amoungst 50/50 business partners. We currently have no provisions in our partnership agreement. Any advise, or what would seem fair compensation to my partner while off on maternity leave...

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LifesaPretzel

December 12, 2007

Posted by LifesaPretzel

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That's a fascinating question. It really depends on how long are you planning to take for maternity leave. If you are planning to take the entire year, I can't imagine that not significantly damaging your business. Though, I don't know the type of business you're in.

If you are planning on taking roughly a month off, your business partner should work with you to make this happen. Just like you would work with them if a family member of theirs was in the hospital etc... You wouldn't need a contract for that right?

Comments

  1. wildyammm: Thanks for your comments. We currently own a business were either of us generate income for the business. The staff that we employ generate all our income, because of that I thought decreasing my draws from the business and employ more office help for increased work load and allowing my partner to increase her draws as compensation seemed fair.......Am I being unreasonable and unfair???
  2. LifesaPretzel: How long are you planning to take off? Its important to be fair in this situation. of course the resolution needs to be seen as fair not only to you but also your partner. Sit down with your partner, and don't walk away from the table until you feel your partner feels like your partner. let him know what you are thinking offer a suggestion give them time to think, compromise and work from there.
    This is very doable.
  3. LifesaPretzel: You should also start thinking long-term, by adding provisions for situations such as maternity leave, family illness, etc in your partnership agreement.

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