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  • #967721
    Frank Brown
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    Hi everyone.

    Myself and two others (my fiancée and best friend) are opening up a photography/multimedia business. We’ve found a lot of helpful information here but I can’t seem to find anything relating to standard business contract/agreement templates anywhere.

    Basically I’m looking for a template that I can use as a base for a contract that the three of us will sign stating our roles in the business, what happens should one of us split off, what happens if the business folds, etc. Just something to cover us in case anything happens.

    Can anyone point me in the right direction? Thanks in advance!

    Regards,

    #1028366
    Accounts Studio
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    Hi
    If you drop me an email on friday morning I might be able to help – am not in the office tomorrow so can’t look then. Just drop me a line and I will see what I have got – I am sure I have something somewhere.

    #1028367
    Avatar Consulting
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    Partnership business contracts

    Congratulations for entering the business world.

    There are some contract templates out there, but they are hard to find due to the legal complexities of each different state having slightly different laws to comply with. If you borrow a template you will need to make sure it is for the State you are in.

    Having spent some time as a business troubleshooter I have to raise my concerns with this proposed partnership because you will definately need the contract asap. This is because this type of partnership has potential to wreck your personal relationships and business assets in the near future.

    If you have already been trading as a partnership you may have already formed a verbal contract with each by performing the activities of partners.

    You will need to review the Partnership Act in your state [Yes there is a legal document partners need to comply with] this will help you cover the important areas of the contract.

    • Include terms for who has the controlling vote in decisions
    • Require all partners signatures on checks to prevent being ripped off when things go bad
    • Include what happens when a partner wants to sell, and who they can sell to
    • Include exactly how profits are divided
    • Have detailed Position Descriptions for each partner so every knows what they have to do

    One of the biggest problems with Partnerships is the fact that every partner is 100% responsible for debts incurred and they will take it from the partner they catch first.

    Having investigated so many businesses that have had trusted family steal from the business makes your contract so very important, and highest priority to be signed. Get legal advice to draw one up and dont rely on a template ‘cut and paste’ contract that may not protect you.

    #1028368
    Accounts Studio
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    Also make sure you have discussed and agreed to what would happen if one of the partners falls sick and is unable to work for a period of time – this happened to a partner I had in a business some years ago – she is still too sick to work today and it becomes a very difficult situation as obviously it is very hard to tell someone who is really unwell that you want them to leave the business. Make sure you cover all eventualities so that it is all clearly documented.

    #1028369
    Frank Brown
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    Thanks for the input guys.

    Paul: Yeah, I am aware of the laws that govern partnerships. I’m looking for a template that I can review so that we can all write up the contract together. And you said, we have a verbal contract at the moment, and on Monday had our first official business meeting discussing just those points alone, along with a few more.

    I’ll need to review the Partnership Act properly within the next few days. I’ve just skimmed over it so far. Once the contract is drafted, our solicitor will be looking it over.

    Sophie: Thanks, I’ll do that.

    Thank you again for your imput!

    Regards,

    #1028370
    ProCapture
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    • Total posts: 16
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    Hi Frank

    Just a heads up, if you going to link to a page like facebook, keep it up to date.

    “We can take orders now, but we will not be open to the general public until at least 01/07/10.”

    Also, replace the gmail with an address at your own domain (you can keep it and use a forwarder, so that you don’t lose touch with existing contacts)

    Your domain (online address) will cost less than $15/year
    (dragonfoxmedia.com.au and dragonfox.com.au are both currently available)
    Then host it for around $10/month (you can pay less, but may not get phone support)
    Your business name must be registered first.

    If you are on a mac you can make a basic site using iweb for free
    If you are on a PC, try Coffecup

    Btw. Avoid flash based websites, you will alienate many of your most affluent customers (those with iPads, iPhones etc)

    If you aren’t sure about managing your own domain/website I can talk you through much of it via Skype or you can spend a bit more time and probably get all you need for free here in the forums

    Doesn’t the following look better

    [email protected]
    [email protected]
    http://www.dragonfoxmedia.com.au

    #1028371
    yourvirtualboard
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    • Total posts: 569
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    You’re describing a shareholders’ agreement and it’s something I’d recommend you have done before too long. I’ve seen few cases where this was not in place and it always leads to bad feelings or worse.

    http://www.biztree.com/ is about the best I’ve seen as far as generic or frame documents go.

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