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Contracts…

Contracts are only useful once they have been breached, remember that. When everything is going good no one worries about the terms, its only after 1 partner fails to do something.

Things you will need to consider;

  1. Legal enforcement of contracts will depend on what jurisdiction you have stated applies to the contract. You might find yourself having to travel to Italy to enforce your contract. The contract is not automatically binding to him in Australia unless it states directly
  2. The different laws will have to stated as to which takes precedent in areas of conflict
  3. What is your plan if your partner decides to ignore the contract. How much will you spend in legal fees to defend/address the breach
  4. If the business is being run from Italy, you might need to include specific legal instructions for tax and business legislation compliance

Who will have control over the money? Double signatures on all cheques and credit card limits should be mandatory.