I hereby acknowledge and declare, under penalty of perjury under the laws of the Republic of the Philippines, the United States and the State, that this Agreement was entered into voluntarily and without threats, promises, coercion and/or coercion of any kind. But what if there was a way to be sure – really, honestly, 100% sure – that your friends still have your well-being in mind? Now they exist. Simply download and print the legally binding friendship contract below and offer it to a friend, loved one or animal nearby to sign it. Then, bask in the satisfaction of knowing that the people closest to you will be forced to take care of you forever unless they deal with severe punishments. Determine the roles you and your friend will play after the business is launched. Also note how you`re going to deal with it if later one or both of you decide you want to get out of the company, and how you`re going to deal with it if you have a big disagreement about how to do something. This Agreement is enforced by the laws of the State of ______ Speak openly about possible problems that could negatively affect your friendship. For example, if finances are tight and working hours are long, none of you should take a vacation. If your car is in business, consider whether it would be acceptable to use a company car for your personal shopping.
Resentment can hurt business and your friendship, so discuss potential „hot topics“ as you draft the contract to articulate everyone`s expectations. If you go to a full-fledged business with a friend, it should always start with a detailed business plan. The business plan helps you navigate through the important details about your business so that you can evaluate them correctly. These details include things like: § 5.1 Both parties agree that friendships cannot be one-sided. Friendships must be based on mutual concern and loyalty. So if friend #2 is an idiot, you`d better believe that friend #1 will bring him up and throw him in the face of friend #2. Define the specific role that each of you will play in the company. If one of the parties feels that the workload is unfair, it can put a strain on friendship. Plan what a typical workday will look like and who will be responsible for what tasks.
If you each contribute money, equipment, or other tangible assets to the business, document it so that disagreements or misunderstandings don`t hurt your relationship. The contract should determine how each of you will be paid and how much of your income will return to the business. § 3.2 Friend #2 is free to discuss the terms of this contract with anyone. However, it is forbidden for friend #2 to present friend #1 as „The person in the contract“ or „My friend who is weird to be friends“. § 7.1.1 At this point, friend #2 and friend #1 enter a month-long „EXCLUSIVITY PHASE“ during which neither friend #1 nor friend #2 share their cool finds with other friends. There are four main steps to drafting a simple business contract: §10.1 If it is determined that friend #2 is violating any part of that contract, that`s fine – friend #2 can simply go ahead and destroy the life of friend #1 as if his friendship had never meant anything. Friend #1 agrees to be sad forever and never forgive friend #2. Starting a business with a friend may seem like an ideal business.
After all, you know each other well and have a sense of mutual trust. However, the realities of running a small business or even working on a short-term project can sometimes test even the closest friendships. In order not to harm your friendship or business, develop a contract that sets out the expectations, rights, and obligations of both parties. A simple business contract between friends protects the relationship by separating the company and friendship. Read 3 min In a contract, the consideration is exchanged for all parties involved. For example, you can go shopping and buy something in the store and pay the store owner for your purchase. For the trader, money is the consideration he receives. The consideration you receive is the item you buy. If you and your friend are starting a full-fledged business together, write a comprehensive business plan in advance.
This will help you discuss and evaluate important aspects of business development, management, financing and succession before investing too much. Don`t let friendship stop you from making informed business decisions. For example, if you both know that the friend is a great idea generator, but a chronic procrastinator, address this in the plan when assigning tasks and responsibilities. Define the roles that each of you will play in starting and running the business, and the steps to follow if any of you want to get out or if you have major disagreements. A simple business contract between friends protects the relationship by separating the company and friendship. The oral or written contract lists the obligations of each party in relation to the company and towards each other. A breach of contract violates the law and can lead to prosecution. While it is possible to draft a basic contract yourself, it is advisable to consult a lawyer to get a professional overview of the process. A registered business enjoys financial and legal protection that a sole proprietorship or partnership does not have. This means that in a partnership, you and your friend will be responsible for the company`s debts on a personal level.
§ 1.2.1 When friend #1 starts playing guitar, friend #2 often has to make statements of support like, „Now we groove!“ „You make it talk, friend!“ and „You sound even better than Blues Traveler!“ Submit documents through your local business licensing office when entering into a partnership. Submitting the documents officially sets up the partnership and gives it a more factual feel, rather than giving the impression that two friends are hanging out together. ATTENTION, this agreement is signed that day, __ , 20_, between a fantastic, charismatic and humble person, __ (hereinafter also referred to as „Friend #1“), and a generous, super cool, supporter of life ______ who has no previous relationship with you or your friend. The lawyer can identify possible problems in the project and create a legally binding contract that carries more weight than a notarized document. When you risk your personal belongings as part of a partnership with a friend, great trust is required on both sides. It can be important to set aside your personal feelings about friendship so it doesn`t affect how the company`s finances are managed. One option is to hire a neutral third party who can monitor the financial arrangements so that no problems with the company creep in and affect your friendship. § 3.1 When friend #1 introduces friend #2 to a third friend, friends #2 and #3 must NOT BECOME FRIENDS BETTER than friend #1. Make sure your friendship doesn`t stop you from making good decisions for your business. For example, if one of you is good at coming up with ideas but tends to put things off, specify how you manage it when you run the business on a day-to-day basis and list how tasks and responsibilities are assigned.
Form a business partnership through your local business licensing office. This formally establishes your partnership and makes it more professional than friendly. Sole proprietorships and partnerships do not have the same financial and legal protection as registered businesses, which means that you and your friend are personally responsible for the company`s finances. This requires a significant level of mutual trust, so don`t let personal feelings affect how you manage your company`s finances. Consider hiring a neutral third party to oversee financial arrangements so they don`t cross the line between business and individuals and affect your friendship. Agreements and contracts are not the same thing. An agreement is used to describe something that two parties agree on for something fundamental, such as .B. the agreement to go for a walk together. This is not a legally enforceable agreement since no consideration has been exchanged between the parties. Commit to keeping your friendship and business partnership separate. Avoid talking about business when you`re doing something together as friends. Don`t discuss business issues with mutual friends.
Agree to be honest and open when potential problems arise and commit to having a neutral mediator to help you resolve business challenges that could threaten your friendship. The New York Times recently asked, „Do your friends really love you?“ If that`s a question they have to ask themselves, the answer will probably be, „No, of course they don`t.“ § 4.3 Friend #2 MUST attend friend #1`s guitar concert, even if the concert takes place in friend #1`s apartment and all the performers are just friend #1 and all the songs are just Blues Traveler`s Four in order. § 3.2.1 Friend #1`s favorite introduction is: „You wanted the best, you have the best! Ladies and gentlemen, friend #1! § 4.2.1 Social gatherings include, but are not limited to: § 4.1 When friend #2 watches a sporting event, he must invite friend #1. § 7.1 Friend #2 will share all news of new bands, restaurants and cool books with friend #1.. .