The only ship that won't float is a partnership. Bull honkey.
Partnerships, business and personal, are the stuff of life. Do them right and your power multiplies. Do them wrong...well, don't do them wrong - do them right. I'll help.
Partnership Agreements for Couples
- We're engaged and my partner pays rent to live in a house I own. Whose house is it? Can we decide one way or the other?
- We've lived together for more than 10 years. Are we married? Do we have obligations to each other?
- We're married but don't have joint accounts. Do we need them?
- I have a business/an inheritance/investments, are they mine or ours if we're married?
- Is my business mine and his business his if we're married? What if we want to keep them separate?
- My partner's on the cusp of a big deal. How should we plan for it?
- We bought a house together. How should we hold title? Who should pay for what?
- Can my partner get a credit card without my knowledge? Am I liable for it?
Married, engaged, living together. Money, kids, life. You get to decide. Find out how.
Partnership Agreements for Business Partners
- She has the idea and I have the money. How can we make our informal agreement effective?
- What if one of us gets divorced, can her spouse gain an interest in the business?
- What if one of us wants to move on?
- Can one of our individual creditors reach into the business?
- Who makes the decisions?
- How do we keep up our entity?
- What if someone, heaven forbid, dies?
- If one of us is going to do the work and the other is more passive, how do the expenses and profits work?
- How do we equal out the initial investment over time?
Plan it once and get down to business - literally. Find out how.
All these questions are answerable, and better yet, you can determine the outcome yourselves!