A simple business contract between friends protects the relationship by separating business and friendship.3 Min reading your personal assets in partnership with a friend requires a huge amount of trust on both sides. It may be important to set aside your personal feelings about friendship so that they do not affect the way business finances are managed. One option is to call on a neutral third party, who can monitor financial arrangements, so that he does not cause problems with the company and damages your friendship. 5.1 Both parties agree that friendships cannot be one-sided. Friendships must be based on mutual interest and loyalty. If Friend #2 is a jolt, you`d better believe that the friend #1 will raise him and throw him directly into his friend`s #2. Talk openly about potential problems that could have a negative impact on your friendship. For example, if finances are tight and working hours are long, none of you should take time off. If your car is in the store, ask if it would be normal to use a company car for personal errands. Resentment can hurt the company and your friendship, so you discuss potential “hot topics” when writing the contract to express mutual expectations. Lisa McQuerrey has been a trade writer since 1987.
In 1994, she created a full-service marketing and communications company. McQuerrey`s work has been recognized by the U.S. Small Business Administration, the International Association of Business Communicators and the Associated Press. She is also the author of several specialized book publications and published her first children`s novel Glass Page Books in 2012. Make sure your friendship is not on the road to make good decisions for your business. For example, if one of you likes to develop ideas but tends to postpone things, you include how you manage the day-to-day running of the business and list how tasks and responsibilities are assigned. The agreements and contracts are not the same. An agreement is used to describe something on which two parties agree on something fundamental, such as the agreement to walk together. This is not a legally binding agreement, as no consideration has been exchanged between the parties. If it turns out that the friend #2 violates any part of this contract, it doesn`t matter – friend #2 can simply go on and destroy the life of the friend #1 as if his friendship meant nothing at all.
Friend #1 agrees to be sad forever and never forgive Friend #2. Commit to keeping your friendship and business partnership separate. Avoid doing business conversations if you are doing something together as friends. Don`t discuss business issues with mutual friends. Agree to be honest and in advance in case of potential problems and you commit to having a neutral mediator to help you solve business challenges that could threaten your friendship.