Question
Make a list of all the issues you have to conside r when planning to expand your business and going into a business partnership with
Make alist of all the issues you have to consider when planning toexpand your businessand going into abusiness partnershipwith someone (this can be in bullet point form, including percentage ownership, who makes the final decision, what are the duties and responsibilities of each partner, how are conflicts and disputes to be resolved, etc.);
From this list, make anotherlist of the key termsyou want to incorporate in your partnership agreement;
create partnership agreementwith the terms taken from your second list.
This is an assignment for business law. Context provided: Your coffee/tea shop is up and running and business is good. Several high-tech companies have recently moved into the area and there is a high demand for an internet cafe with video gaming and food services. It just so happens that the commercial space next door to you has suddenly become available and it is the perfect spot to expand your business without having to move. While your business has the cashflow to cover expenses for a business double or triple its size, you don't have the seed capital to expand so quickly and you don't have the expertise and people-power to run such a business by yourself. One possible way to fulfill all three needs is to find yourself qualified business partners who either have the money, expertise or both. Where would you look for such strange creatures?
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