Sign Business Partnership Agreement Electronically

How to eSign a document: Sign Business partnership agreement electronically

Hey, welcome back to the Six Figure Mastermind. Today we're hitting contracts hard. We have a lot of videos about contracts and we're going to discuss specifically how to form a contract between two business partners so stay tuned. Congratulations. You've got a partner in business, now it's time to draw up a contract and make sure all of your assets and your liabilities are covered. Let's talk about five key things that that contract needs to include in order to be a successful contract between these two business partners. First thing that you're going to need to include is all pertinent contracts contact information for all parties involved. You need to make sure in the contract in writing all of the phone numbers, addresses, emails, physical addresses, everything is covered, all the names, everything is outlined very very clearly in the contract. I mean, you think that's a no-brainer but sometimes the contract will forget to name the entire business name or they'll breviary that way describing. You can get into hot water when that happens so make sure all of the contact information is involved right in that contract for every single party involved. Step number two, if you're doing a business contract between partnerships, it's a really smart idea to have an LLC in place, that way you are protected and your personal assets are protected should anything go south either with your partner or whatever the contract is dealing with. Have an LLC set up. You can get them usually very inexpensively online but it is investment worth making. An LLC, having that in place and having the LLC rather than you personally on the contract is going to make a world of difference whenever the contract or if ever the contract is called into question. Number three, in your contract, you need to outline the benefit split between the parties. Now the reason you're doing business together is obviously because your business and their business are both going to be benefited. Contracts only exist in a win-win situation typically between partnerships so when you have that benefit split, you need to have an outlined in detail in your contract so every party is aware of what to expect as far as the benefits. The fourth thing you need to have in your contract is the liability split, just as there's no benefit split, there's also a risk associated with it. Whatever partnership you're going into. So you need to have it outlined very very clearly in your contract, who is responsible for what portion of the liability. You've got your benefits outlined, you've got your liabilities outlined, what should happen if a partnership were to leave the contract? What should happen if a partnership were to experience a natural disaster? What would happen if the business deal that you're both investing in goes south? Who's responsible for that? All of that needs to be very very clearly outlined and it just builds your confidence and...