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Top Questions To Discuss With Your Business Partner (Checklist) - Prog - World
Top Questions To Discuss With Your Business Partner (Checklist) - Prog - World
World
One of the ways to make partnerships unstable, to waste time and money, is not to write a
partnership agreement or, in a simple way, an agreement between the founding partners.
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In theory, everyone knows everything, but when it comes to practice, it turns out that
important issues that in the future may cost the life of the company are left out. We have
created a checklist of key issues that partners should discuss in order to avoid closing the
company in a year. It is necessary to discuss the rules of joint business “on the shore”, but if
you have not already done this, it is high time to protect yourself from future problems. And
so that it does not work out like in that joke …
… we have written the TOP 6 legal tips to consider before drafting a partnership agreement.
1. The legislation does not require the mandatory conclusion of a partnership agreement.
But unlike articles of association and articles of association, a partnership agreement is a
confidential agreement between partners. In it, you can settle any provisions that relate to
the activities of your business with a partner and not disclose them to unauthorized
persons. The process of changing the agreements under the partnership agreement does
not require registration and amendments to the charter.
2. Within one year, 496 cases arising from corporate legal relations reached the Supreme
Court of Ukraine, so it is important to come to an agreement “on the shore” before
starting a business.
3. Often, instead of concluding an agreement and settling relations, the parties say “we trust
each other.” These partnerships are very similar to those in a marriage, where the spouses
first trust each other and then divide the property in court. When a dispute arises
between the founders (for example, after the death of one founder, the heirs want to sell
the business, and the second founder wants to develop it further), the courts take years,
and the business is actually blocked.
4. Do not do business 50/50, because in the event of a conflict or disputable issues, you will
find yourself in a deadlock and your business will again be blocked.
5. Provide in the partnership agreement the resolution of deadlocks (a situation when none
of the shareholders has enough votes to make a decision on a key issue of the company’s
activities).
6. If you are uncomfortable with each other asking questions and discussing the terms of
the partnership agreement, hire a lawyer who will do it for you and help you draw up the
contract correctly.
Control
Profit distribution
Shares
Is the issue of new shares allowed? If so, for what purpose and in what order?
What classes of shares are there? How do the classes differ? For what cases is this or that
class intended?
What restrictions do you want to place on the transfer of shares?
Will there be a moratorium on the transfer of shares? Can a shareholder sell shares to
third parties?
How are minority shareholders’ rights protected?
Dispute Resolution
Will any mechanisms be used to resolve deadlocks, such as Russian roulette, Texas shoot-
out, Mexican shoot-out (Dutch auction)?
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