It was bound to happen, sooner or later I’d get asked about partnership agreements. Okay this time I wasn’t exactly asked, the subject came up and well, I had a fit when my friend started a partnership without any real agreement in place. Don’t do it!!!
In this episode I’ll share why you should have a contract in place and some of the components you need to have in your agreement. Or at least have the discussion around with your partner.
In no particular order, these are the components of a sound partnership agreement.
❇️ Ownership percentage
❇️ Roles and responsibilities
❇️ Entity structure
❇️ Who controls the money?
❇️ Who controls/owns the assets?
❇️ How money is spent
❇️ How expenses paid and profits distributed
❇️ Relationship with money
❇️ Risk tolerance
❇️ Conflict resolution
❇️ Beneficiary rights
❇️ End game
If you’re starting a business with a partner, please consider these components. You’ll be glad you did!
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