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Whatever you do, get a BUY OUT CLAUSE in your contract.
Give it time, like make it applicable after a year for a month or so.
He may be dreamy now, but in a year’s time you may not feel that way at all.
I dont even have a clue what I am doing on setting it all up. Just about the same when I started in the business lol… However I agree and he and I are on the same page and even agreed on a 90 day thing for now. There are so many things to think about however. 1. Where do I go to get more info on setting up a partnership? Are there any sites with a rough draft I could use? I was thinking a % type thing at first but how much? The year thing is a GREAT idea though
sorry for double post however wanted to know if there was somewhere to get a rough draft of a partnership agreement?
@Diceman 225369 wrote:
sorry for double post however wanted to know if there was somewhere to get a rough draft of a partnership agreement?
Here is a link to a sample partnership agreement: Partnership Agreement Template – Inc.com
You can also try services like LegalZoom.com and BizTree.com if you are wanting something more high-end and are willing to pay for it.
Definitely ensure there is a buy-sell agreement, define the duties and % upfront, and always require your partner to not start competing with you by launching a similar business on the side once trade secrets are shared.
DON’T DO IT
Give the person a % of what you make for the work the person does while the person works for you
Don’t give out your user names and PasswordsSooner of later it will fall apart (my experience)
Thing with the username and password bit is that you almost have to give anyone you work with this info if you want a solid job done that you dont have to mess with on your own. I dont feel like messing with the code they make and so forth. Plus most places wont give out cc info or anything like that far as your account is concerned and I feel I can maintain control ultimately by being the owner/operator of the site. Far as the competition I dont worrie to much about that. Ill tell people my trade secrets all the time. Hell I tried to get everyone I know to get into this business. Most tried and failed even with me giving them what they need.
However, I am taking it slow and a none compete agreement could be signed but I encourage him to go in his own direction with things but under our company name. That was the verbal agreement but must do it in writing of course.Thank you so much for the replys and the links
