You and your best friend have decided to start a small coffee shop together while in college. Though you

You and your best friend have decided to start a small coffee shop together while in college. Though you have been friends since grade school, you and your best friend agreed that a partnership agreement is necessary to maximize the potential success of the partnership.

Draft a memo to your best friend outlining the issues that need to be addressed in the agreement.

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Issues that need to be addressed in the agreement

  1. How the profits, losses and withdraws will be allocated:
    • Allocating profits and laws based on ownership percentage
    • A withdrawal for each partner from his or her allocated profits
  2. The authority of the partners
    • Any decision of a partner can be binding the partnership without getting partners to agree. Make sure that no one partner can indent the entire partnership without the agreement of all the other partners.
  3. Business decision-making powers :
    • It is important to decide amongst the partners how important business decisions will be handled.
  4. How to bring in new partners
    • Agree on the process of bringing in a new partner if you need in future.
  5. Deal with the withdrawal of a partner
    • Including a buyout agreement in the partnership when the partner wants to leave
  6. Resolving disputes
    • Requiring arbitration before going to a court

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