Online Business Partnerships ~ Draft Up An End Of Partnership Agreement Ahead Of Time

In this day and age, many online individuals and friends are partnering up and starting various online businesses. That is all well and good but do you have an official plan of what you will do if that business partnership dissolves in a few years? If not, you really should!

Before you even begin a business partnership with another individual you both should sit down and discuss what will happen if and when the partnership dissolves. Here are some things you both should consider.

1. If one of you decide to leave the partnership, how much notice should be given to the other partner and how should this notice be communicated? Depending on the type of business you have started, the notice should be no less than 30 days.

2. Once one of you decides to leave the business, what is expected of that person until the final end date? In other words, will the person leaving the business still be required to fulfill their daily job duties until the final end date?

3. Once the business partnership is dissolved, who will retain the business? Will there be any costs involved in restructuring the business to sole ownership and who will be responsible for paying those costs?

4. If the partnership should end on bad terms, do you have a non-disclosure policy in effect? If you don't have one, I suggest you draft one up! A lot of times when partnerships fail, hurt feelings sometimes get out of control and gossip and slander can hurt the partner that is left running the business.

5. My last and final tip about drafting up agreements ahead of time is that they should be drafted up by legal professionals. If something should occur in the future, you both will have legal and binding contracts regarding the dissolving of the business that you both have started.

When two people set out to start a business together...they both assume that it will be for the long haul and they don't think about what they need to have in place should one partner desire to leave the business. If you plan ahead before something occurs, it will save you both a lot of time, heartache, grief and money.

Article Source: http://www.wahm-articles.com

Shelly Hill has been successfully working from home since 1989. Shelly has worked in the Direct Sales Industry as well as owning several home businesses herself. You can visit Shelly's Work At Home Business Resources Site at www.workathomebusinessoptions.com for FREE home business articles, resources, tips and ideas.

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