Partnerships

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Business partnerships are easy to get into and hard to get out of.

You can get into a partnership with a simple meeting in a lawyer’s office – swap signatures and done.  Now you have a legally binding contract that specifies what each of you can and cannot do.  If the business goes on to make money (which hopefully it does) and one partner wants out it is much more complicated and difficult to split the financial and intangible assets.  Especially if one or more of the partners are not being reasonable.

Also remember that a corporate partnership agreement and a marriage contract are oddly very similar. I won’t get into how important your choice of lifelong mate is – we’ll let your parents handle that one.

In short, choose your partners very, very wisely.