Just download and print the legally binding friendship contract below and badger a friend, loved one or nearby animal to sign it. Then you tan in the satisfaction of knowing that, unless they take care of severe punishments, the people closest to you will be forced to take care of you forever. Form a business partnership through your local business licensing organization. This formally establishes your partnership and makes it more business-like than feeling friendly-like. Individual companies and partnerships do not enjoy the same financial and legal protection as registered businesses, which means that you and your friend are personally responsible for the company`s finances. This requires a considerable level of mutual trust, so don`t let personal feelings influence the way you manage business finances. Consider using a neutral third party to oversee financial agreements so they don`t cross the border from one transaction to another and harm your friendship. Include the roles you and your friend will play after the company is launched. Also write down how you will handle this if later one or both of you decide you want to leave the market, and how you will handle this if you have a big difference of opinion on how you can do something. Make sure your friendship is not on the road to make good decisions for your business. For example, if one of you likes to develop ideas but tends to postpone things, you include how you manage the day-to-day running of the business and list how tasks and responsibilities are assigned.
Going into business with a friend can seem like an ideal business. After all, we know each other well and we have a sense of mutual trust. The realities of running a small business, or even working on a short-term project, can sometimes test even the closest friendships. In order not to harm your friendship or your business, you develop a contract that defines expectations, rights and responsibilities for both parties. A registered business enjoys financial and legal protection that an individual company or a company does not have. This means that with a partnership, you and your friend are personally responsible for the debts incurred for the company. 5.1 Both parties agree that friendships cannot be one-sided. Friendships must be based on mutual interest and loyalty. If Friend #2 is a jolt, you`d better believe that the friend #1 will raise him and throw him directly into his friend`s #2.