Online Business Partnerships – Draft Up An End Of Partnership Agreement Ahead Of Time

In this day and age, many online individuals and friends are partnering up and starting various online business ventures. That is all well and good but…do you have an official plan of what you will do if that business partnership dissolves in a few years? If not, you really should!Before you even begin a business partnership with another individual, all parties involved should sit down and discuss what will happen if and when the partnership dissolves. All of this should be done in front of an attorney and legal contracts should be drafted up and signed. Dissolving your business can be very stressful and hurtful if it is not handled properly. Here are some things you and your associates should consider before signing up on the dotted line.1. If one of you decide to leave the partnership, how much notice should be given to the other partners and how should this notice be communicated? Depending on the type of business you have started, the notice should be no less than 30 days and should be communicated in writing with copies going to every person who is involved.2. Once one of you decides to leave the business, what is expected of that person until the final end date? In other words, will the person leaving the business still be required to fulfill their daily job duties until the final end date? If so, the details of these job duties should be clearly stated within the contracts.3. Once the business partnership is dissolved, who will retain the business? Will there be any costs involved in transferring the business to sole ownership and who will be responsible for paying those costs? When will those costs be paid and to whom?4. If the partnership should end on bad terms, do you have a non-disclosure policy in effect? If you don’t have one, I suggest you draft one up! A lot of times when business arrangements fail, hurt feelings sometimes get out of control and gossip and slander can hurt the person that is left running the business. Furthermore, your customers, clients and business associates don’t need to hear or see the dirty laundry associated with the business breakup.When you partner up with another person and start an online business together, it is important to properly plan out all of the details of that partnership should a break up occur. By planning ahead for this type of scenario, it can save you a lot of heartache, grief and money.