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If you intend to be in business with someone else you should regulate the way in which the business is managed and consider:

  • how are decisions about the business or its management to be made
  • what happens if a business partner dies or becomes unable to work
  • what terms will apply if you or your partner wish to leave the business
  • how will you resolve disputes
  • will the partners be required to devote all their working time to the business
  • can you or your partners have an interest in any other business
  • how are profits and losses to be shared
  • how is the business to be financed
  • in what way will the dynamics of any existing relationship be changed if you take on a new partner