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TRANSCRIPT:Here are a few thoughts on opening up a business with a friend or partner. I'm John Harrington. When you open up a business with a friend or partner and you're starting out, let's say you're doing wedding photography and both of you are going out and building up a clientele where you're both shooting weddings together, it's really important that you have a contract that establishes that business. Now, if you're married that's one thing, or if you're in a partnership and the dissolution of that business would end up being handled if you both got a divorce completely differently than if you were just two friends, but if you're just two friends, growing a business together you want to make certain that down the line you understand that if that partnership does sour or that friendship does sour and you decide to go your separate ways, so let's say your friend decides to move to another state and wants you to buy them out, there needs to be an understanding about what assets are owned by the company, what assets are owned personally or individually and also who gets what and who has to buy whom out of what, and if there's a disagreement, who makes the decisions in the business. So it's really important that you write a contract that really takes care of all of these things, you might want to work with a lawyer.
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