Strong partnership agreements are essential to forming a business. Such agreements include compensation, benefits, division of profits, and partner disability and death procedures. Partnership agreements are the best method to minimize disputes and should include an Exit Strategy – a clear route for partners to separate if business does not work as planned.
If any disputes arise, decisive means to resolve the dispute should be enacted. Submitting a dispute to mediation is first recommended. However, if mediation does the resolve the problem, then arbitration may be required.