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What is rank 42 in EY
Describe your first boss on the street
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Mentor
Is this a proposed partnership with you or does the friend want you to prepare a partnership agreement for him/her for a business you are not involved in?
If it’s a partnership with you then:
Get an attorney - your own attorney. Not a shared attorney or an attorney for the partnership. Get your own attorney to help you prepare the documents. A good business attorney should be able to assist you.
A partnership is a legal business “marriage.” You hope going in that all will work out, but you need to have the terms in place to answer the “what ifs.”
What if you break up? What if one of you is incapacitated? What if one of you dies? What if one of you wants to retire?
How will the business be valued if there is a dispute? How will your work be measured and valued and paid? How are expenses shared? What expenses qualify as shareable expenses?
I’m not a business attorney, but I have seen problems when an owner (regardless of type of business) dies, becomes incapacitated, etc. The fees you will spend addressing those scenarios are highly likely to exceed the price of getting a good agreement in place up front.
Plus, you want Harmony. So, you want to know what is on the table if you fight and can’t work it out. Not knowing what will happen will make every argument more painful than it needs to be and is more likely to lead to animosity between the owners. That is more likely to lead to a breakup.
Yeah, get an attorney. There are many nuances depending on the type of partnership, location, etc. Representation is the safest bet.