Why is it a good idea for a partnership to have a written agreement?
What should be in every partnership agreement and YOU BETTER HAVE A PARTNERSHIP AGREEMENT. Memories become vague when a partnership is on the rocks so put everything in writing when everybody is happy and excited about starting the business. At the very least get this agreement notarized or signed by a witness.
WHAT NEEDS TO BE IN EVERY PARTNERSHIP AGREEMENT
- What is the profit-sharing arrangement?
- What the responsibilities are for each partner and consequences if they are not met?
- Who breaks the tie on a 50/50 vote between 2 partners?
- How will the partnership be dissolved in a breakup? Who gets what and how much?
