Can anyone recommend a contract template or give me tips on how to write one up?

[Nocturnal]

A friend and I are going into business. We want to both have a contract agreeing to the terms of the business etc. If you have any ideas and tips please post them it will be greatly appreciated.

 

[Sluggo]

The best advice I can give is:

If you value your friendship with this person, dont go into business with them.

 

[OREOSpeedwagon]

Originally posted by: Sluggo
The best advice I can give is:

If you value your friendship with this person, dont go into business with them.

Ditto. Me and my old best friend tried to start a business a few years back and now we don't even talk to each other.

 

[Nocturnal]

Originally posted by: OREOSpeedwagon

Originally posted by: Sluggo
The best advice I can give is:

If you value your friendship with this person, dont go into business with them.

Ditto. Me and my old best friend tried to start a business a few years back and now we don't even talk to each other.

What happend?

I'm good friends with this guy but I haven't even seen him all this time and we rarely talk. So I guess you could say we're aquaintences. If we end up not talking and not friends it would be the same as it was just a few months ago lol. But anyway share your experiences.

 

[RossMAN]

What kind of business?

 

[OrByte]

the type of business dictates the type of contract.

what kind of business are you in?

 

[Nocturnal]

Originally posted by: RossMAN
What kind of business?

A strip club j/k

We're going to be sub-dealers under his aunty's cellular business. We're basically breaking off or branching out of his aunty's business and starting our own with the guidance from his aunt.

I'm more or less just gonna help him run the place. He has all the funds and capital.

I'm just gonna be a general manager but he does want to work me into the partnership.

 

[sillymofo]

There's an old saying, I think it's from the "Art of War", basically it said if don't trust a person, don't team up with them; if you team up with a person, you must trust them.

 

[conjur]

Start here, perhaps

 

[Nocturnal]

Originally posted by: conjur
Start here, perhaps

I really appreciate it Conjur, thanks.

 

[Witling]

If you draft a contract, I have some suggestions. First, try and keep it in English. Nothing looks dumber than a lay person trying to spiff up a document by using legalese. Second, it is absolutely essential that you write down the procedure for buying the other guy out. If you can't afford to buy him out immediately, then specify that payments will be made over the course of two years or whatever. That leaves you with only the problem of how to value the business -- and that can be a big subject. Finally, you might consider requiring joint signatures on checks over X dollars.

I presume you know that you'll be this guy's partner and partner's have a substantial liability for partnership debts. And "partnership debts" means that new Porsche that the guy bought in the partnership's name so he could make faster deliveries.

Best wishes. And remember, an oral contract isn't worth the paper it's written on.

 

[conjur]

no prob.

Also, check at http://www.sba.gov and see if they have any sample forms or other startup business forms.