Crisis In Business: Let Your Partnership Agreement Do The Magic

Hi everyone,

experiences have shown that Nigerians are good at conceiving ideas and making sure those ideas see the light of the day.

Interestingly too, because of the perceived prospects flowing from such ideas, they call a couple of friends to form a partnership by jointly registering a business name that would serve as a flagship to the desired future of the business. Not too long after that business union, cases of secrecy and embezzlement would begin to rent the air; making the entire business partnership a lump of soured union.

But the above experience could have been averted if the partners considered that MAN, by nature, if not God conscious, could turn a different leaf tomorrow - making his partner regret the day he ever considered such a union.

For the purpose of this discourse, a BUSINESS PARTNERSHIP AGREEMENT, as the name implies, is an Agreement that spells out IN CLEAR TERMS the responsibility of each partner to the growth of the business and by way of caution, includes clauses that restricts each partner from carrying out extraneous activities to the detriment of the joint ownership of the business.

A good BUSINESS PARTNERSHIP AGREEMENT is expected to have, as part of its content, the following CLAUSES:

1. Each Partner shall devote his whole time and attention to the business of
Partnership and shall use his utmost endeavours to further the interest of the
Partnership business.

2. Neither partner shall without the written consent of the other:

(a) Engage in or be concerned or interested either directly or indirectly in any
business, other than that of the Partnership.

(b) Introduce or attempt to introduce any other person into the business of
the Partnership.

(c) Take, engage or dismiss any agent or servant of the Firm, etc . . .


The above is only a tip of the required AGREEMENT.

In a nutshell, it is expedient on your part to put in place a BUSINESS PARTNERSHIP AGREEMENT before you tie-up any business with a prospective partner.

It is for your own 'legal' good - as where there is no Partnership Agreement, and you sue a partner, your case MAY LIKELY not see the light of the day since the court would have no document to interprete such relationship.

While you're BUSINESS-CONSCIOUS, also try to be LEGAL-CONSCIOUS.

With best regards to you all.

**08067647844.