May 25, 2021
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We’ve all heard the warnings. “Whatever you do, don’t go into business with friends!” Or “Never start a business with family!” These warnings, often intended for your best interest, aren’t altogether fair. In many cases, those who warn you about such a partnership had a bad experience. And many times, this happens because they never had a formal partnership agreement in place.
A partnership contract is an absolute must, anytime you go into business with someone else. Whether you’re starting a digital marketing company with a cousin, launching a pet-sitting side gig with a friend, or joining forces with a former colleague to launch your own consulting firm, you need this vital agreement in place.
Partnership agreements are legally binding contracts created to protect each partner’s investment. They also clearly define the responsibilities and obligations of each partner. Well-crafted partnership agreements also spell out the purpose of the business and include details about partner contributions and voting rights. In addition, a partnership contract will provide the course of action that will ensue, should a dispute occur.
A carefully drafted partnership agreement can be the saving grace, designed to avoid miscommunication, and prevent legal problems. It keeps your business afloat, even when you and your partner(s) butt heads.
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Kelly Bagla, Esq.
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One of the Top 20 Business Law Podcasts to listen to.
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