business partner

How to Formalize a Business Partnership?

It is essential to formalize the partnership through a partnership agreement. This legal document should outline:
Roles and Responsibilities: Clearly define each partner's duties and obligations.
Profit and Loss Sharing: Specify how profits and losses will be divided.
Decision-Making Process: Establish a framework for making business decisions.
Dispute Resolution: Include mechanisms for resolving conflicts.
Exit Strategy: Plan for the eventual departure of a partner and how it will be handled.

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