The safest way to do business with a friend or family member and to ensure your relationship lasts even if the business does not, is if you follow these simple guidelines.
Do You Need a Contract When Going Into Business With a Friend or Family Member?
Well the answer is definitely YES. Not only will the contract protect your relationship if the business goes sour but it will protect your immediate interests that you come up.
There are many things to think about when thinking about what to put in the contract, like how will the profits and losses be distributed, who will have rights to the intellectual property, will the business be dissolved if a member or partner leaves, are my personal assets protected, etc?
If you are thinking about going into business with a family member or friend, please do not hesitate to contact Boyer Law Firm, we have helped many successful business flourish with our well designed contracts and business formation strategies. We will be happy to help you.