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Putting It On Paper
Everyone enters into a business with good intentions, but conflicts do arise. Covering these bases will help you and your partners create a healthy working relationship.
Business partnerships have been compared to marriages - they can be that intense.
Many business partners have compared their partnership to a
marriage - it's that intense. Don't rush into such a serious
commitment; take the time to do all of the proper research
and documentation. Only some states require a legal agreement
between partners, but you should always put the details of
your arrangement in writing, no matter how well you and your
partner know each other. While everyone enters into a
business with good intentions, conflicts do arise. Covering
the following bases will help you and your partners create a
healthy working relationship.
Make sure you know all there is to know about your business partner before you make your partnership official. Both of you should share all of the following important documents.
Put it in writing
Put your mind at ease by recording the details of your partnership in a contract. If a conflict arises, you'll already know how to handle it. A contract should cover all of the contingencies that may come up in starting, operating, and terminating a business, including these elements:
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