Where can I find some sample business contracts for co-owning a business?
Question by Paige: Where can I find some sample business contracts for co-owning a business?
Someone wants to co-own my business with me and I want to write up a rough draft contract for this arrangement. I will send it off to my attorney for him to look over and tweak. I am wondering where I can find some examples of these and if anyone has any extra advice. Thanks!
Best answer:
Answer by Ed Atun
Some of the best contacts are handwritten ones. You sit down and write:
How will everyone get paid and when?
Is there a buyout provision? How much money? What conditions?
Who is going to work what days and what hours?
What is the penalty if one person doesn’t do her share?
Who decides when a “penalty” goes into effect?
Is there an upper limit to how much future cash a partner can be liable for? What if one partner has no cash?
Will there be a joint bank account? What will you do if one partner empties the account with no notice?
Will you allow a 3rd partner in the future?
How will votes be held? Do all votes have to be unanimous?
Does the new partner have to put some money into “escrow” to pay for future expenses?
I don’t know of any websites that offer this. Only lawyers..
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