So what should your partnership agreement contain? Here`s a list of important things you should definitely think about: If something happens to a partner, there`s a dispute between partners, or there`s a change in the partnership, everyone needs to know “what happens when.” A partnership agreement is the best way to ensure that the business – and personal – part of the business can survive. It`s always worth considering a business partnership structure if you find someone who complements your skills and you know they`ll add value to your business. These partnerships can be enjoyable and lucrative if the right foundations are cemented at first. According to Whitworth, there are four important steps in implementing a trade partnership agreement. What if something changes regarding the ownership of the company? If you sell it, which partners will have what? What is your partnership for the inclusion of new partners? If a partner wants to withdraw from your business, what happens? What are the possibilities to buy another partner? Your agreement should carefully describe how ownership shares are managed in different scenarios like this and others, for example. B in the event of the death of a partner, retirement or bankruptcy. And to protect your business from partner leaving, starting a new business, and stealing your customers, you should also consider adding a non-compete clause. Better to be safe than indulgence! • A complementary trading company offers all partners the greatest right of control over the operation of the company, but opens up to everyone the most important legal responsibility. A successful business partnership leverages the strengths and capabilities of each partner.
Divide business roles according to each person`s strengths. For example, if one partner is strong in marketing, operations, and finance and the other partner excels in distribution, human resources, and management, you divide tasks accordingly. Now that you know exactly what to do in your business, how to do it, and what skills are needed to accomplish the tasks, you`ll find which partners are the best fit for certain tasks. . . .