Here are some steps that will help you make the pact easily; Any agreement between individuals, friends or families to start a business with profit creates a partnership. In the absence of a formal registration process, a written partnership agreement clearly indicates the intention to create a partnership. It also defines in writing the basis of the partnership. Then in the list comes the contribution of the partners. This part is somehow critical and you and your partner might find it difficult to calculate the contributions you have made. Therefore, you need to decide things in advance. Therefore, you should mention in this section how much cash, services or real estate you will contribute to the activity. Also, what is the share of ownership that each partner will have. Disagreements over contributions have caused many companies to fail, but a mutual agreement has led to a fruitful business relationship. A partnership agreement establishes policies and rules that counterparties must comply with in order to avoid disputes or problems in the future. In this section, partners must decide whether or not profits and losses are attributed to the partner`s percentage in the business. The distribution of profits and losses, which can be distributed either at the end of the year or monthly, will also be decided. As needed, the distribution of profits and losses is shared.
The two partners may have different needs and ideas and therefore it is worth sharing, keeping in mind both perspectives. The distribution of profits and losses depends entirely on the percentage of business creation. However, if partners wish to use a different percentage, they must mention this in the. In addition, partners must also decide who makes the decisions. The partners must be given the responsibility of deciding on small or large decisions. . . .