Take your draft contract to a notary for formal confirmation, and then go through a lawyer who specializes in business contract law – preferably someone who doesn`t have a prior relationship with you or your friend. The lawyer can identify possible problems in the project and establish a legally binding contract that has more influence than a notarial deed. Know that this agreement will be concluded on that day, ____#1_ Friendships must be based on mutual concern and loyalty. So if Friend #2 is an idiot, you`d better believe that Friend #1 will talk about it and throw it directly on Friend #2`s face. § 3.2 Friend #2 is free to discuss with anyone the terms of this contract. Friend #2 is however forbidden to introduce Friend #1 as “The person of the contract” or “My friend, who is all strange to be friends”. Commit to keeping your friendship and business partnership separate. Avoid talking business when you`re doing something together as friends. Don`t discuss business problems with mutual friends. Agree to be honest and open in case of potential problems, and commit to having a neutral mediator help you solve business challenges that could threaten your friendship. Define the specific role that each of you will play in the company. If one of the parties feels that the workload is unfair, it can weigh on the friendship. Plan what a typical workday will look like and who is responsible for what tasks.
If you contribute to the business in cash, equipment, or other material assets, document it so that disagreements or misunderstandings don`t undermine your relationship. The contract should state how each of you will be paid and how much of your income will be returned to the company. § 10.1 If it turns out that Friend #2 violates any part of this treaty, it doesn`t matter – Friend #2 can go on and destroy Friend`s life #1 as if their friendship had never meant anything. Friend #1 accept to be sad forever and never to forgive friend, #2. Make a business partnership through your local business licensing office. This formally creates your partnership and makes it more enterprising than friendly. Sole proprietorships and partnerships do not have the same financial and legal protection as registered businesses, which means that you and your friend are personally responsible for the company`s finances. This requires a significant degree of mutual trust, so don`t let personal feelings influence their business finances. Consider hiring a neutral third party to oversee financial arrangements so they don`t cross the boundaries of business to the person and hurt your friendship.
This agreement is enforced in accordance with state laws ___ This will help you discuss and evaluate important aspects of business development, management, financing and succession before investing too much. Don`t let friendship stand in the way of making informed business decisions. For example, if you both know that the friend is a great idea giver, but a chronic procrastinator, talk about it in the plan when assigning tasks and responsibilities. Define the roles that each of you will play in starting and running the business and the steps to take if any of you wish to withdraw or if you have larger disagreements. We hereby confirm and declare that this Agreement has been entered into voluntarily and without threats, promises, coercion and/or of any kind, under the laws of the Republic of the Philippines, the United States and the State. .