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Home > Check list of what we should consider for safety of patnering with friends in business

Check list of what we should consider for safety of patnering with friends in business

Evaluate the trust and reliability of your friend as a business partner

Consider the potential impact on your friendship if the business partnership fails

Discuss and establish clear communication channels and expectations

Consult with a lawyer to draft a partnership agreement outlining roles, responsibilities, and profit-sharing

Obtain any necessary business licenses and permits

Set up a business bank account separate from personal finances

Establish a decision-making process for resolving conflicts or disagreements

Develop a plan for dividing work and responsibilities

Implement systems for tracking expenses, revenue, and profits

Obtain appropriate insurance coverage for the business

Create a contingency plan for unforeseen circumstances or emergencies

Mitigate potential risks by conducting thorough research and due diligence

Discuss and agree upon a plan for exiting the partnership if necessary

Determine how assets, debts, and profits will be divided in the event of a dissolution

Consider seeking guidance from a financial advisor or mediator if needed.

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