How Form 8865 Partnership 2023-2024

Hi folks, Dave Waring here again with fitsmallbusiness.com. Today's lesson of the day: In our last video, we continued our series on how to start a successful business with a look at how to choose a partner for your business. In today's lesson, we're going to continue that series with a look at one of the most important parts of a successful business partnership – the partnership agreement. So let's get started. A partnership agreement serves many purposes, two of the most important of which are getting everyone on the same page about dispute resolution and business structure. Every relationship has disagreements, and this is especially true in relationships where lots of decisions have to be made. A carefully crafted partnership agreement allows you to outline how disputes are going to be handled ahead of time, instead of in the heat of the moment. The process of putting together a partnership agreement also forces everyone to think about and get on the same page about how the business is going to be structured and run from the beginning. This minimizes misunderstandings down the road and hopefully prevents many issues from occurring at all. Should you use a lawyer to put together your partnership agreement? If you can afford it, it's almost always a good idea to have an attorney involved with your business agreements. However, most attorneys are going to bill you by the hour and likely do not have the same level of knowledge about your partners that you do. Because of this, it's always better to have a good outline of what you want in the agreement before speaking to a lawyer. If you cannot afford an attorney, then I've linked to a resource page in the description section of this video which includes some free templates. Here's an overview of the...