A business partnership is a legal form of business operation where two or more partners jointly carry on a business with the aim of making profit. Business partnership is good; however you must note that where two or more people are involved in a business, it is inevitable that at some point, dispute may arise. Partnership dispute can be very damaging to any business therefore; partners must adhere to the following commandments to protect themselves from dispute.
- Choose your business partner carefully.
- Ensure your skills are complementary.
- Ensure you have consensus on every issue.
- Clearly state each partner’s duties and obligations.
- Have a clearly stated profit sharing formula.
- Define day to day decision making structure.
- Discourse dispute resolution mechanisms.
- Don’t forget to include dissolution steps in case it’s needed.
- Get proper legal advice.
- Contact ABILEGAL Barristers & Solicitors to draft a five star partnership agreement for you.
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