Many small business owners take on a partner for their
business. There can be many reasons behind that partnership but there is one
thing you should have regardless and that is a partnership agreement. I’ve spoken about this before but I feel it’s
an important topic to blog about.
We have seen some companies end when partners can’t get
along, or a partner isn’t contributing and there was nothing ever set up in
writing. A good legal contract can save your business. When a partnership is not working out and one
wants out, if you have nothing in writing it can get ugly. Having a contract stating who gets what in
whatever situation may arise helps each of you to be treated fairly when the
time comes to end the partnership.
I know that small business owners don’t always have a lot of
money going in and think they can’t afford an attorney to write up the various
legal documents they need. What we like
to tell people is we believe that you cannot afford NOT to do these
things. They can literally save you and
your business from going under.
Suzanne Cormier
Executive Director
BizWorks (Small Business Incubator)
Follow Suzanne Cormier on Facebook and
Twitter @BizWorksCenter
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