Better Safe Than Sorry Protect yourself and your business with a partnership agreement.
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Starting a business with a partner? It may be difficult to talkabout problems during your honeymoon stage, but that's exactlywhen you should. A written partnership agreement helps guide youwhen questions arise.
According to W. Thurston Debnam Jr., a partner with Smith,Debnam, Narron, Wyche, Story & Myers LLP, a law firm inRaleigh, North Carolina, a partnership agreement should answer thefollowing questions:
- What is each partner's investment? Isone investing cash and the other energy? Do any of the partners ownequipment that you'll use in the business, and does that factdeserve consideration as part of the start-up investment?