This agreement is enforced by state laws – Talk openly about potential problems that could have a negative impact on your friendship. For example, if finances are tight and working hours are long, none of you should take time off. If your car is in the store, ask if it would be normal to use a company car for personal errands. Resentment can hurt the company and your friendship, so you discuss potential “hot topics” when writing the contract to express mutual expectations. Commit to keeping your friendship and business partnership separate. Avoid doing business conversations if you are doing something together as friends. Don`t discuss business issues with mutual friends. Agree to be honest and in advance in case of potential problems and you commit to having a neutral mediator to help you solve business challenges that could threaten your friendship. 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. 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. Define the specific role each of you will play in the business. If one of the parties feels that the workload is unfair, it can weigh on friendship. Plan what a typical work day looks like and who is responsible for what tasks. Whenever you deposit cash, equipment or other physical assets at the company, document this, so that disagreements or misunderstandings do not undermine your relationship. The contract should specify how each of you will be paid and how much of your income will be donated to the company. The agreements and contracts are not the same. An agreement is used to describe something on which two parties agree on something fundamental, such as the agreement to walk together. This is not a legally binding agreement, as no consideration has been exchanged between the parties. 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.
If it turns out that the friend #2 violates any part of this contract, it doesn`t matter – friend #2 can simply go on and destroy the life of the friend #1 as if his friendship meant nothing at all. Friend #1 agrees to be sad forever and never forgive Friend #2. 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. If you risk your personal wealth through a partnership with a friend, a lot of trust is needed on both sides. It may be important to set aside your personal feelings about friendship so that they do not affect the way business finances are managed. One option is to call on a neutral third party, who can monitor financial arrangements, so that he does not cause problems with the company and damages your friendship. 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 have the same funding