From the course: Consulting Professional Weekly Tips

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Use partnership agreements

Use partnership agreements

From the course: Consulting Professional Weekly Tips

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Use partnership agreements

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- Going into business with friends can be exciting and fun. It can also ruin a friendship. They often say, good fences make for good neighbors. You might wanna skip putting a formal agreement in place because you're friends; what could go wrong? But when things get challenging, you'll wish you had an agreement in place to help resolve any differences. This agreement becomes that fence. You're better off going to the trouble of writing an agreement, which will protect both your business and your friendship. A lot of agreements require attorneys. Attorneys can be expensive, but you can save on the cost of creating these agreements in multiple ways. First, both of you can agree to use the same attorney. That can reduce conflict in the process of writing the agreement. You can split the cost of the agreement between the two of you. If you don't split the cost, you might resent that other partner when something goes wrong. I had one situation, personally, where there was a guy who I had…

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