Partnership Agreement Template for
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You may decide to have a partner for your home business start up and
would like to have a partnership agreement template in place. One of the biggest areas of concern for the
Micro sector is the falling out of partners. Unfortunately nothing can stop this from happening – but it could
be made so much easier and less stressful, if there is a partnership agreement template in place that covers
all the possible worst scenarios you can think of.|
No Cost This partnership agreement template could be helpful in putting together the first draft of any partnership. Let a solicitor see that you are thinking and discussing the concept. Then keep this draft, together with the final partnership agreement template that is drawn up by the solicitor. Home business start up operators can access
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You need to put a clause in your partnership agreement template that there can be no ‘buy out’ until a certain profit margin or turnover takes place in the business. But this sort of clause is best left to a solicitor to advise you on. However, you do need to do the hard slog first and write down all the possible ‘bad’ things - together - so DO IT, and use the free partnership agreement template.
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Case Study of Home Business Start Up When No Partnership Agreement Template Was in Place Brian and his wife decided to create a partnership with friends, Terry and his wife. Brian and Terry were motor mechanics and Brian specialised in wheel alignments for big vehicles. The idea was that the two guys would do the mechanical work and the women would do the office work. However, there was never any clear direction as to what the responsibilities of the women were. One wanted to play her golf twice a week, the other wanted to pursue her creative interests. There was no one allocated to clean the office, answer the phones, do the payroll, look after the customers – it was left up to whoever was available to do it (or it just didn’t get done) – it was a disaster! It did not take long for the partnership (and the friendship) to disintegrate completely. |
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TIP for a Partnership Agreement Template for Home Business Start Up Make sure everyone in the partnership has a written job description / responsibility and agree to a time frame in which to achieve the tasks e.g. bookkeeping every Monday; cleaning every day between 8-9am etc. This will not only make sure all tasks are covered, but will eliminate arguments about who needs to do what. |
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Low Cost
Thinking of having a partner in your home business start up? Perhaps you should re-think. The section in this book may make you realise that "partners are best for dancing". |
More info on Partnership Agreements here
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