Unmarried couples setting up a business should protect themselves in case they break up, according to an Oxford accountant.

Stephen Dexter, partner at Grant Thornton in Oxford, said there was no legal framework governing the financial issues of unmarried individuals.

A formal shareholders' agreement, which could cost less than £2,000, would protect their financial position, he said.

"Married couples who are also business partners enjoy a far greater chance of equality in any division of assets than their unmarried counterparts in the event of a breakdown of the relationship," Mr Dexter added.