Partnership Agreement for working directors of a limited company.

[battyee]

I wonder is there a benefit in the 2 Manager/Directors of a Limited company entering into a seperate "Partnership Agreement" similar to a pre nuptial. The seperate agreement would provide for issues that could arise between them such as - What happens if either party is unable to copntribute to the workload due to serious illness, if they want to leave but continue their shareholding, if they want to set up another & similar business, if they have a row & seek an independent arbitrator etc. etc. ?
Has anyone got any advice or experience in this field ? If so it would be really appreciated.

 

[Padraigb]

I think the idea is a bit of a nonsense.

A company has Articles of Association. This is basically the rulebook. What people want should be written into the Articles of Association, and not in a separate document of unclear legal status.

 

[WaterSprite]

The Articles of Association is a public document and OP may not want to put detailed specifics into that document. It's common to have a Shareholders' Agreement in these situations to deal with the nitty gritty detail - this would be in addition to the Articles.