How to form a business partnership based on legal contract?

[Passionate-writer]

Getting into your first business with a partner can be fun, but it is also prudent to get a legal document written. The said contract articulates the rules and, in the end, makes certain that there is no confusion.

Through the contract, it would be known whose responsibility is what and how profits will be divided regarding the decisions that will be made. Also, it outlines scenarios like the circumstances of one leaving or the occurrence of problems and solutions.

By having a mutual understanding that is formalized, the partners are aware of what is expected from the other. Building upon trust and staying dedicated towards the growth of the venture and not spending time fixing the quarrels is very important.

 

[Starmix]

You need to review first the capacity of your supposed business. Also, do a background check if he's worthy of your trust. The contract must be understood and definef well by the two parties involved.

 

[Augusta]

you'll need to create a partnership agreement that outlines the terms of the business relationship. This agreement should be signed by all partners and may need to be registered with relevant authorities

 

[Fidelia]

I don't believe in gentleman's agreement when it comes to business. There must be a written document signed by all parties.