You’ve been best friends with your business partner for decades, and you trust each other completely. Why, then, would you need to bother with a partnership agreement for your business?
When there’s a personal relationship between them, people often hesitate to ask their business partners for a written document that outlines the parameters of their partnership. They’re afraid of looking like they don’t have any faith in their friend’s integrity and causing offense.
Partnership agreements, however, can help preserve personal relationships — not destroy them. Here’s why you need one, even when you’re going in to business with your closest friend:
A good partnership agreement is less concerned with what is happening now and more concerned with all of the “what ifs” you and your partner may someday face. Working with an attorney can help you draft an agreement that will keep your company operating properly for decades to come.