Legal Question in Business Law in Minnesota
Hi I am going to be starting a business with a friend of many years in the Photography Business and we would like a contract between the two of us. Just something saying one of isn't going to take off and take everything, that sort of thing. Where can I find a contract we can use? Are there any free legit ones online?
2 Answers from Attorneys
What form of business entity? Partnership ( no corporation or LLC)?
That is the most dangerous form of business, triggering "joint and several" liability.
In other words, you parnter can bind you to contract or tort liabilities of the business without your consent, and if he or she dies, leaves the country or files BKY, you are on the hook for 100%.
If your business is serious, you should set it up in a business-like manner.
I have never heard of such a contract outside of the formation of a business. There are actually numerous issues related to setting up a business, such as how the business will be run, what each owner's duties are, etc. I would agree with Dave that you should set it up formally and not do things in such an informal manner. If you are going to go into business, you should treat it as such.
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