Define the specific role each of you will play in the business. If one of the parties feels that the workload is unfair, it can weigh on friendship. Plan what a typical work day looks like and who is responsible for what tasks. Whenever you deposit cash, equipment or other physical assets at the company, document this, so that disagreements or misunderstandings do not undermine your relationship. The contract should specify how each of you will be paid and how much of your income will be donated to the company. Friend #2 is free to discuss the terms of this contract with anyone. Friend #2, however, it is forbidden to be friends #1 as “The Person of the Contract” or “My friend who is all strange to be friends”. 10.1 If the friend #2 has realized that part of this contract is being violated, the #2 friend can simply go on and destroy the life of the friend #1 as if their friendship never mattered. Friend #1 agrees to be sad forever and never forgive Friend #2. The agreements and contracts are not the same. An agreement is used to describe something on which two parties agree on something fundamental, such as the agreement to walk together. This is not a legally binding agreement, as no consideration has been exchanged between the parties.
5.1 Both parties agree that friendships cannot be one-sided. Friendships must be based on mutual interest and loyalty. If Friend #2 is a jolt, you`d better believe that the friend #1 will raise him and throw him directly into his friend`s #2. If you are going to an adult business with a friend, it should always start with a detailed business plan. The business plan helps you navigate through important details about your business so that you are able to evaluate them correctly. These details include things like: I/We confirm and declare, by incriminating perjury under the laws of the Republic of the Philippines, the United States and the State of – that this agreement was entered into voluntarily and without threats, promises, coercion and/or coercion of any kind. If you risk your personal wealth through a partnership with a friend, a lot of trust is needed on both sides. It may be important to set aside your personal feelings about friendship so that they do not affect the way business finances are managed. One option is to call on a neutral third party, who can monitor financial arrangements, so that he does not cause problems with the company and damages your friendship.
Form a business partnership through your local business licensing organization. This formally establishes your partnership and makes it more business-like than feeling friendly-like. Individual companies and partnerships do not enjoy 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 considerable level of mutual trust, so don`t let personal feelings influence the way you manage business finances. Consider using a neutral third party to oversee financial agreements so they don`t cross the border from one transaction to another and harm your friendship. This agreement is enforced by state laws – commit to keeping your friendship and business partnership separate. Avoid doing business conversations if you are doing something together as friends. Don`t discuss business issues with mutual friends.
Agree to be honest and in advance in case of potential problems and you commit to having a neutral mediator to help you solve business challenges that could threaten your friendship.