Initiate Stamp Contract मुफ़्त में

Hi folks, Dave waring here from Fitsmallbusiness.com and today's lesson of the day. In our last lesson we continued our series on how to start a successful business, with a look at how to choose a business partner. In today's video we are going to continue that series, with a look at partnership agreements. So let's get started! A partnership agreement serves many purposes, two of the most important of which are getting everyone on the same page about dispute resolution and business structure: Dispute Resolution: Every relationship has disagreements, and this is especially true in relationships where lots of decisions have to be made. A carefully crafted partnership agreement allows you to outline how disputes are going to be handled ahead of time, instead of in the heat of the moment. Business Structure: The process of putting together a partnership agreement forces everyone to think about and get on the same page about how the business is going to be structured and run from the beginning. This minimizes misunderstandings down the road, and hopefully prevents many issues from occurring at all. Should you use a lawyer to put together your partnership agreement? If you can afford it, its almost always a good idea to have an attorney involved with your business agreements. However, most attorneys are going to bill you by the hour, and likely do not have the same level of knowledge about your partners that you do. Because of this, its always better to have a good outline of what you want in the agreement before speaking to a lawyer. If you cannot afford an attorney then I have linked to a resource page in the description section of this video which includes some free templates. Here is an overview of the Elements that every partnership agreement should contain. The Basics The name of the company and any other names that the company will be operating under. Statement of the company's purpose. Generally you will want to keep this fairly broad so you have the flexibility to adapt. Responsibilities Decide who is going to be responsible for which parts of the business. As discussed in our video on how to find the right business partner, at a minimum you need a partner involved with delivering your product and/or service, selling/marketing, finances, and management. List out any other areas that need to be covered and decide who is going to be broadly responsible for those areas. Workload How will the workload be shared? Answer the following questions: Are partners expected to work set hours? Does one partner plan on working more or less than the other partners? How much vacation is allowed? Will this be a full time role for each partner or are partners allowed to conduct other types of business outside of the partnership? If so then what types of business are they allowed to conduct? Contributions Next you want to determine what each partner is bringing to the business in terms of cash investment, physical property (equipment, office space etc), and...