Somebody puts up money with someone who agrees to contribute labor as their contribution to an equal Partnership. Once things are set up, and a lot of money is spent, the other Partner fails to perform, and the troubles begin. I get 2-3 calls like this every week.
Partners take advantage of partners every day and they get away with it. It is the most painful call I get. It sounds like this, “I put all the money I had into starting our business. My partner had bad credit and no money, but he promised to do all the work to get the business going.
Anyone who starts a business has many hats to wear. Sales, manager, accountant? You will wear them all in a day. Be careful when you talk!
Is the news, confinement, money problems, fear of the unknown making you depressed? Do this!
If you can express why you would like to stay in business with your partner, I can help you figure out how to make it work. It’s that simple.
We’ll talk (briefly!) about why you need a Partnership Agreement and then we will cover the most important pieces that should be in every Partnership Agreement.