WHY EVERY BUSINESS PARTNERSHIP AGREEMENT MUST BE IN WRITING

WHY EVERY BUSINESS PARTNERSHIP AGREEMENT MUST BE IN WRITING

Many business partnerships start with trust, big mutual goals and verbal agreements. As Nigerians, we have the habit of letting our guards down because of our relationship.

We quickly forget the saying “no paddy for jungle.”

No matter how close you are to your partner – friends, family or long-time colleagues – operating without a written Partnership Agreement is a big mistake. That trust could be breached and you will end up regretting, by then it would be too late.

Without a clear written agreement, misunderstandings can arise about roles, profit sharing, rights, duties, authority, capital contributions, mode of exit, etc.

Sadly, disputes may lead to business failure, issues or monetary losses, e.g. if one partner invests more capital but the other claims equal ownership or if a partner exits without a clear plan, the business could collapse. If liabilities arise, personal assets could be at risk.

A written agreement defines each partner’s rights and obligations, ensuring fairness and smooth operations. Without a written Partnership Agreement, partnership laws may apply, which may not align with your intentions.

Get an experienced Business Lawyer to draft a legally sound agreement that suits your business’ needs and anticipates risks, protects your interests and ensures the partnership agreement can be enforced by you.
___
APEX CHAMBERS, best Law Firm of experienced Business & Property Lawyers, Attorneys, Barristers , Solicitors, Advocates, Legal Practitioners, Legal Consultants and Notary Public with Law Office in Port Harcourt, Rivers State, Nigeria

Phone: +234(0)7030868694
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com