❑ Business Name(s) and Purpose
❑ Decide which Partner is going to be responsible for different parts of business
❑ Are partners expected to work set hours?
❑ Does one partner plan on working more or less than the other partners?
❑ How much vacation is allowed?
❑ Will this be a full time role for each partner or are partners allowed to conduct other types of business?
❑ If so then what types of business are they allowed to conduct?
❑ List partner cash contributed to business:
❑ List partner property (both physical and intellectual) contributed:
❑ How can this property be used by the business?
❑ Will partners receive a salary? If so how much and when.
❑ If a partner is taking less salary will this be made up in the future?
❑ Do you plan on reinvesting profits back into the business?
❑ If so at what point do you plan on taking out profits?
❑ How and when will profits be divided up amongst the owners?
❑ How will losses be handled?
❑ Decide on ownership splits
❑ Does the partner have the ability to sign contracts?
❑ Can the partner make purchases without consulting the other partners?
❑ What happens if a partner dies or becomes disabled?
❑ What happens if a partner wants to leave the partnership and pursue other interests?
❑ Under what circumstances can a partner be forced to leave the business?
❑ If the partners do not agree how is the final say handled?
❑ Process for bringing on new partners?
❑ Selling the business?