Top Tips for Partnership Agreements that Work

Nina L. Kaufman, Esq.

Nina L. Kaufman, Esq.

An award-winning small business attorney in New York City, Nina is a sought-after professional speaker and Entrepreneur Magazine online contributor. She is the go-to counsel for knowledge economy and creative companies, delivering legal services and educational resources that save them time, money, and aggravation.

Posted on October 6, 2017 in Business Partners, Video/Audio

What’s the key to making partnership agreements true living, breathing documents?  They need to strike a good balance between setting firm procedures while allowing for flexibility in the way your business grows and changes. Not an easy feat.

One of the significant ways you can ensure a good working relationship with partnership agreements is to have good working relationships with your business partners.  As I discuss in my interview with Sam Leibowitz, the Conscious Consultant of Talking Alternative, you need to seek business partners who are aligned with your vision and goal.

How can you do this?  By:

  • Giving thought to what each of you wants to get out of the business–and when
  • Establishing a truly fair split of the profits (which might not be 50/50 for your particular business)
  • Taking steps to diffuse tensions before they escalate
  • Having an expert review your partnership agreement to evaluate whether it reflects your desires
  • Screening carefully for any “red flags”

What else did you wish you had added to your partnership agreements?

 

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