Many companies offer benefits, which is why the agreement should determine how they are allocated and distributed. Examples of benefits are theatre and/or stadium seats, cars, event tickets, etc. Think about the other benefits the company offers to partners and all employees who may be recruited in the future. Benefits may include sick leave, vacation pay and paid leave. Another question that may arise is how long a partner must be absent before renegotiating the agreement. For example, if a partner becomes ill and is unable to cooperate productively with other partners, how long might other partners need to renegotiate their agreement? 1. What are the partners` name? Are they individuals, private equity firms or limited liability companies? What is the name and purpose of the partnership? Pre-planning avoids costly wrangling and legal battles. No matter how much a friend is your potential partner, you should never enter into a business partnership with him or her without a formally developed partnership agreement. These are the main questions I would like to ask you before entering into a partnership agreement. DISSAGREMENT: What happens if you and your partners find yourself in a dead end…

an irreconcilable difference on a fundamentally important issue? How are you going to handle this? Will any of you have the last word? Or rather, you will have the last resort to be a carefully thought-out buy-sell contract. Be sure to include information in the agreement about buying a partner or the possibility for a partner to sell their stake in the business. Can the company buy back the shares of that partner if a partner chooses to leave the company? Could a partner who chooses to no longer act as a partner remain an investor? And don`t deny the need for a partnership contract, because your proposed partner is your good friend; Some of the ugliest partnership breaks I`ve ever heard or experienced have occurred between friends who think they knew what their boyfriend was thinking or was going to do. Keep in mind that in general partnerships, each partner is jointly responsible for all of the company`s debts/debts. You must consider the five D-Ss and include your responses in your written partnership agreement.