How to legally go about becoming partner in a friends business?
I have a freind that started a business 2 years ago. This will be the first year it is actually picking up and making a little money. She wants me to become partner, and I would help her run and finance it. How do we legally go about drawing up an aggrement/contract so that if it all goes sour, neither of us gets screwed. I would like to not have to get a lawyer, this is a small business that is done out of her home. How should I handle this?
Public Comments
- I would recommend a lawyer to ensure that you do not as you say get screwed but if that is out of the question you could try either on-line document providers or some of the large stationery suppliers. they usually have a range of contracts which come with blank areas that you fill in on a question and answer basis. Take care, it may be a small business now but in a few years you could be talking big bucks.
- if it goes sour - you BOTH will probably get screwed look for books on partnerships, google partnership agreements - anything is going to have to be customized to what you two agree on - for % of ownership, % of sharing in profits AND losses
