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Drafting Family Business Agreement
Summary
Drafting a family business agreement involves outlining roles, compensation, and terms. Ensure legal compliance by consulting a lawyer, especially for loan applications. Consider tax implications and employment law requirements.Full Conversation
Yes. So my father used to own a company that I now am the director of. Since he is fully retired but still teach me and acts as volunteering in the business helping with supervision and such, I would like you to assist drafting me a type of agreement set between me and my father I can place on my company letter head that describes his role. I provide him and his wife, my mother, provide me them lodging, ie food and roof thus over his head in exchange. He needs this letter since he wants to apply for a personal loan. Please help.
Hi ****! It sounds like you need a simple agreement outlining your father's role and the exchange of lodging for his services. Here's a basic structure you might consider:
- Parties Involved: Clearly state the names and relationship of both parties.
- Role Description: Describe your father's volunteer role and duties.
- Compensation: Specify the lodging and any other benefits offered.
- Term: Duration of the agreement.
- Miscellaneous: Any other relevant terms or conditions.
Make sure to include date and signatures at the bottom. It's wise to consult a lawyer to ensure the agreement meets legal standards for personal loans. Let me know if you need more details!
- Parties Involved: Clearly state the names and relationship of both parties.
- Role Description: Describe your father's volunteer role and duties.
- Compensation: Specify the lodging and any other benefits offered.
- Term: Duration of the agreement.
- Miscellaneous: Any other relevant terms or conditions.
Make sure to include date and signatures at the bottom. It's wise to consult a lawyer to ensure the agreement meets legal standards for personal loans. Let me know if you need more details!
Two parties. **** Petrus Schwartz(new director of False Bay Building Services PTY Ltd) and Andreas Schwartz(my father) retired from False Bay Building Services in April *.
It seems you're looking to draft a simple agreement between you and your father. Here's how you can structure it:
- Parties Involved: Include names and the relationship.
- Role Description: Outline your father's volunteer duties.
- Compensation: Describe the lodging arrangement.
- Term: State how long the agreement will last.
- Miscellaneous: Add any other relevant terms.
Ensure to include the date and signatures. For legal accuracy, consulting a lawyer is recommended, especially for loan applications. If you need further assistance, feel free to ask!
- Parties Involved: Include names and the relationship.
- Role Description: Outline your father's volunteer duties.
- Compensation: Describe the lodging arrangement.
- Term: State how long the agreement will last.
- Miscellaneous: Add any other relevant terms.
Ensure to include the date and signatures. For legal accuracy, consulting a lawyer is recommended, especially for loan applications. If you need further assistance, feel free to ask!
He collects and drops of workers, and helps overseeing work. He also then teaches me of things I would not know, building techniques and such advisory. Compensation is benefits of some small allowance of R1000 when needed, but rather living with me with his wife, and providing food. This is at a value of about R8000 pm in total. Term indefinitely and then I will get a supervisor which I will pay to help me.
Case Rating: *
For your situation, drafting a simple agreement is definitely a good idea. Here are some additional considerations:
- Legal Compliance: Ensure the agreement meets any employment law requirements.
- Tax Implications: Consider any potential tax obligations related to the compensation and benefits.
- Loan Application: Confirm with a lawyer that the agreement is suitable for loan purposes.
If you need more specific assistance, consulting a local lawyer would be beneficial.
For your situation, drafting a simple agreement is definitely a good idea. Here are some additional considerations:
- Legal Compliance: Ensure the agreement meets any employment law requirements.
- Tax Implications: Consider any potential tax obligations related to the compensation and benefits.
- Loan Application: Confirm with a lawyer that the agreement is suitable for loan purposes.
If you need more specific assistance, consulting a local lawyer would be beneficial.
I will. Please draft me something to show my lawyer if it complies.
Case Rating: *
Certainly! Here's a draft you can present to your lawyer:
---
Agreement Between **** Petrus Schwartz and Andreas Schwartz
Parties Involved:
**** Petrus Schwartz, Director of False Bay Building Services PTY Ltd
Andreas Schwartz, Retired Former Director of False Bay Building Services
Role Description:
Andreas Schwartz will volunteer as a supervisor, responsible for collecting and dropping off workers, overseeing work, and providing advisory services on building techniques.
Compensation:
In exchange for his services, Andreas Schwartz and his wife will receive lodging and food, valued at approximately R8000 per month. Additionally, a small allowance of R1000 may be provided as needed.
Term:
The agreement is indefinite until a paid supervisor is hired.
Miscellaneous Terms:
- Both parties agree to the terms stated herein.
- Any changes to the agreement must be made in writing and signed by both parties.
Date:
_____________
Signatures:
_________________________
**** Petrus Schwartz
_________________________
Andreas Schwartz
---
Please consult with your lawyer to ensure it complies with legal standards for employment and loan applications.
Certainly! Here's a draft you can present to your lawyer:
---
Agreement Between **** Petrus Schwartz and Andreas Schwartz
Parties Involved:
**** Petrus Schwartz, Director of False Bay Building Services PTY Ltd
Andreas Schwartz, Retired Former Director of False Bay Building Services
Role Description:
Andreas Schwartz will volunteer as a supervisor, responsible for collecting and dropping off workers, overseeing work, and providing advisory services on building techniques.
Compensation:
In exchange for his services, Andreas Schwartz and his wife will receive lodging and food, valued at approximately R8000 per month. Additionally, a small allowance of R1000 may be provided as needed.
Term:
The agreement is indefinite until a paid supervisor is hired.
Miscellaneous Terms:
- Both parties agree to the terms stated herein.
- Any changes to the agreement must be made in writing and signed by both parties.
Date:
_____________
Signatures:
_________________________
**** Petrus Schwartz
_________________________
Andreas Schwartz
---
Please consult with your lawyer to ensure it complies with legal standards for employment and loan applications.
So I can then just copy paste this onto a letter head of company?
Case Rating: *
You can certainly use the draft as a template for your agreement, but it's essential to have your lawyer review it to ensure it complies with legal standards, especially for loan applications. Make sure to adapt it to fit your company's letterhead and any specific legal requirements.
You can certainly use the draft as a template for your agreement, but it's essential to have your lawyer review it to ensure it complies with legal standards, especially for loan applications. Make sure to adapt it to fit your company's letterhead and any specific legal requirements.
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