The 2 reasons creating a Partnership Agreement should be your first step when forming a business partnership. First, the protection a Partnership Agreement affords makes skipping this step rather dumb. Second, the process of working out the terms of your Partnership Agreement will reveal potential problems and help you work them out before they happen in the real world.
Are you dealing with an irrational business partner? If so, the rules of engagement are very different and swift action is advised.
If you are in a business partnership, call your bank and find out if you have a joint account. If you are “on” the account but it’s not a joint account, change it.
Many people who call me find themselves in the frustrating position of not having any “power” in their failing partnership. There are two options.
Never prepare for negotiations by thinking about what you want first. Start by thinking about all the possible things that would constitute a payoff to your partner.