Ask Roxy is a public service blog from the Law Offices of Roxanne Sher Olson (www.roxanneolson.com). Roxanne is an attorney in Santa Cruz, CA. Email your questions to askroxy@roxanneolson.com
So you and your best bud came up with a fantastic mousetrap that will blow the competition out of the water. There are stars in your eyes, there is a fire in your belly and, for the moment, you are thrilled at the way your best friend’s talents complement yours. Sound familiar? It is familiar if you’ve ever been in love. And just like love, business partnerships start out with the biggest hopes, the strongest ideals and a rosy-hewed generosity between the parties that, well, you just never see again. Okay, that was harsh. I will amend that to say that it is rare to find two people who can sustain that level of expansiveness throughout the duration of a relationship. If you form a for or non profit corporation you will have a board of directors to help arbitrate, mediate, etc. in case of a disagreement, but in a simple partnership you are one your own. So do yourself a favor and take advantage of all that good will to put a solid partnership agreement in place.
Here is something you might not know: you probably already have a binding partnership agreement.
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