Question

You and your best friend have decided to start a small coffee shop together while in college. Though you have been friends since grade school, you and your best friend agreed that a partnership agreement is necessary to maximize the potential success of the partnership. Draft a memo to your best friend outlining the issues that need to be addressed in the agreement.

Answer 1

Answer: It is important to establish limits through the partnership agreement, because by trust there could be disagreements in the future, some ideas for this agreement are the following:

I. The dividends resulting from the coffee shop profits must be distributed equally and will correspond to the amount resulting from discounting sales less costs and expenses.

II. Personal loans will not be allowed to the owners with the money taken from the coffee shop box.

III. It will not be allowed to consume the products of the coffee shop without paying what corresponds.

IV. Both owners will have the same rights to perform the duties of a manager.