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Not a lawyer or businessman....but writing, notarizing, and filing a contract(or whatever the articles of a partnership are called) with the city/county/state registering board would put all the agree-upon rules on the table.
There might also be stipulations for procedural events should either partner neglect their duties i.e.:
-rights and expected duties of each partner, or
-separation of personal and professional obligations, or
-required meetings, or
-one is out of country and can't co-sign the checks so..., or
-the book keeper isn't being current and an agreed professional will be used so..., or
-any amount spent on X over $Xdollars needs dual authorization, or
-in event of total fallout, an arbitrator or specified group will first be utilized before the lawyers come out.
Having a business plan where the division of the money earned and self-repayment of the money invested makes things fair for each and trackable.
Not sure, but aren't members of a partnerships jointly and severally liable?
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