These are the important pieces to include in your Partnership Agreement. There are many options for handling each item. When I take clients through these items I explain many different possibilities they did not previously consider. For example, equal partners do not have to be paid equally. If one partner will do most of the work, that partner can draw a bigger salary if that's agreeable. The ownership remains at 50/50 despite differences in pay.
If one partner contributes more of the startup money but the partners still want a 50/50 arrangement, part of a partner's contribution can be treated as a loan for the business to repay.
To learn about creating a Partnership Agreement for your business, visit the TeachU website or drop Chris an email.
TeachU.com (website)
Chris@TeachU.com (email)
Have a suggestion for a future video? I'd love to hear it!
Chris