Engineering A Partnership Agreement

It’s said that half of all marriages end in divorce, and if such claims are accurate, then the odds truly seem stacked against business partnerships, which don’t involve physical attraction, love, and/or children.  So new suggestions for setting up a partnership agreement may prove quite useful.

Emma Jones, who’s the founder of Enterprise Nation, recommended creating a one-page document at the beginning of all relationships.  The document should lay out the scope of an agreement, both parties’ responsibilities, and any and all additional details relating to money.

She also added, "When writing the clauses in your agreement, think about all the things that could go wrong and safeguard against them.  It’s a practical exercise and won’t harm your newly formed business relationship but will get it off on a firm footing."

Jones finally stressed that everyone should remain fair while drawing up the agreement – it’ll do little good if arguments cause a partnership to end before it starts – and that everyone should sign and safely store a copy when finished.

Let’s hope these tips help more business partnerships get off on the right foot and stay intact over time.