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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.
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.
It’s normal to have some problems with your business partner. All partnerships experience periods of tension. So put down your worries and read about the 6 things to do that will help fix problems with your partner.
Majority rules in an LLC unless your Partnership Agreement says otherwise. That means any changes in ownership affect voting power.
Here are 7 important points to consider as you work out an agreement on compensation with your business partner. Above all, remember you can do anything that legal and agreeable to all partners.
If there is tension in your business partnership, do these 4 things before the tension turns into a fight.