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| *Ostroff, Fair and Company>>>Other - Business & Finance |
Business partnership always turn sour most of the case why? |
is there any good guide to follow so that partnership is good and dont turn sour, In order for a partnership to work there has to be an agreement between the partners preferably in writing that states at a minimum the following: 1. The percentage of each partner's ownership of the partnership 2. The individual(s) responsible for the different areas of the business operations 3. How profits are going to be spent. 4. How initial investments of the partners will be repaid 5. How the business will be valuated and disposed of (an exit strategy) in case of the inability of one partner to continue in the partnership (a relocation, illness, death, dissolution, etc.) 6. How checks are going to be signed and the bank accounts handled (preferably that checks have to be signed by two or more partners to prevent strange things from happening or limit the withdrawal capability of each partner) 7. Anything else that you can think of add to the list and make sure that it is in writing and have all partners sign it and keep a copy for themselves and file a copy with the business registration papers and all of the other partnership documents. If it is not in writing some people conveniently forget about it over time. Hope this helps trust on your partners and everything will work fine.. |
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