Only Fools Rush Into Business Partnerships

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I coach my business clients who are in a partnership or considering one never to sign a boilerplate agreement. It is much wiser to take the time to discuss as many What If Scenarios as possible. They should decide how they would resolve each one before signing.
At that point they can take their decisions to a lawyer to draw up an agreement uniquely suited to them.
The next important step is to review this document along with their business plan at least annually in order to evaluate, amend, change, revise according to updated experience and circumstances.

Dorene Lehavi, PhD of CA 2:00PM May 10, 2010

As important as selecting the right business partner is a written business contract at the end of the day. Even with all the other considerations, still best practice to have that written agreement. Protects all parties from future "misunderstanding", more enforceable than he said/she said if breached, can be amended by agreement as needed, etc.
Even a potential partner with exemplary "credentials" is not a guarantee that the person's intentions are honorable.

Angelheart of FL 8:03AM June 25, 2008