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- What can be done if you and your business partner are fighting?
- The first thing to do is to work hard at remaining as friendly as possible
- But the most important preventative measure is to have a written contract with your partner
- The contract is an operating agreement, a shareholder agreement, that establishes the boundaries of your business relationship
- A written contract is the best way to prevent litigation
- Do not just download something off the Internet; you will miss provisions that prevent lawsuits
- Partnership lawsuits are very expensive, and the partner stealing money often wins because they have the money to finance the lawsuit and the other partner doesn’t
- So: use an attorney to develop a specific, written partnership contract.