29 November 2006
My clients are two brothers who acquired a freehold property in February 1999 for £250,000 and commenced trading from it in partnership. There is no formal partnership agreement, but initially they agreed to share the profits 75% to brother A and 25% to brother B. In April 2000, the profit sharing ratio was changed to 2:1 (A to B) and remains so to date.
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