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.
There is much to consider when setting the value of a business. Talk with a 100 experts and you’ll get 100 different valuations. These methods should help.
If parties to mediation aren’t honest with the mediator, it makes for a crippled process. When outright deception is practiced, the mediator could be forced to walk away from trying to help.
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.
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.