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Problems
Money is not the cause of all evils. It's the LOVE OF MONEY that is the problem. Money in itself is a very good thing...and starting a business can be very exciting.
Whenever I sign a Partnership Agreement on a new venture, I make sure there's a "Shotgun Clause". Let's assume there are three of you and after a few years the business is worth $600,000. You decide that you want out because you need the cash for another venture. One of your partners knows you "need" the money and offers you $150,000 for your share, when all of you know it's worth $200,000. The Shotgun Clause let's you refuse his offer and buy him out for $150,000. This ensures that every partner gets a fair offer.
Another thing you have to worry about is the death of yourself or your partners. Does the business go to the two remaining partners, or to the partners spouse?
MoJo
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