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Partnership agreements anyone ?


carl1647545492

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I am going to partner with someone for work and wanted to understand what I'm signing first.Who knows of someone that has some knowledge of this kind of agreement?

 

As of now this is small but could grow and possibly involve selling the business down the line minus capital expenses, thanks in advance.

Edited by carl
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I don't understand the question. Sounds like more of a statement.

 

Are you asking what sort of agreements you should have? Operating agreements handle that.

 

If you need someone to write it up, contact Josh Fravel (my attorney). 614-735-4445. It'll cost you under $500. Don't fuck around with this kind of stuff if you're clueless (no offense, but that appears to be the case). Spending the money now will save you big time in the future.

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Don't fuck around with this kind of stuff if you're clueless (no offense, but that appears to be the case). Spending the money now will save you big time in the future.

 

This. And any verbal agreement or understanding you have with your partner (Or partners), it didn't happen if it is not down on paper in written form, clearly spelling out whatever the agreement is, signed and dated by both parties.

 

Everything changes in time, people change, business needs change, get it spelled out who is responsible exactly for what and how. And have a decent attorney review any addendum's or alterations to the original agreement.

 

Just a suggestion based on lot of experience. :-)

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Yeah again Carl, wasn't trying to be a dick. Just saying that some people have an issue paying ~$500 (I can't remember exactly how much mine was) for a few sheets of paper, but it'll save you a ton of headache in the future.

 

But as I mentioned- an official Operating Agreement for you and your partner's busienss will take care of everything you're looking to accomplish.

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Going into this without consulting a good business attorney is definitely a recipe for problems. You must have someone who knows this area consult you before you get in. Alan Veatch is the one who comes to mind for this, but there are many others. Strange things happen when money is involved, and specific parameters must be ironed out before.
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