Sidebar: Partnerships

Biz Queen

This sidebar is titled partnerships. Now don't let that word frighten you. When you enter into a partnership and you want to terminate that partnership, terminating that partnership could be even worse than actually getting a divorce.

I know you've heard horror stories about people forcing, and it can take years and years and there's litigation and oh my God, all the assets and you've got to split them and it goes on and on. Okay. So imagine going into a partnership, it could be with anyone. It could be with your best friend. It could be with someone that you just hit it off with sitting next to on a long flight.

One thing that you need to understand is partnerships can be fantastic, just like a marriage. Or there could be your worst nightmare. Just like a marriage, you’re entering into a partnership from a legality standpoint. Make sure you're not just protecting yourself, but you're protecting your family too.

Maybe you want to start a business with a best friend. Maybe you're married and you have children and they actually become a part of the partnership as well. So again, you're not just looking out for yourself, you're looking out for your family too. So when you do start a partnership, do NOT enter into a partnership without a partnership agreement.

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