3A legal partnership is a form of business where two or more people have vested interest. This agreement can be entered in a number of ways, it does not have to be 50/50 split or divided evenly among owners. But there has to be an agreement of who does what and how much each owner is required to invest.legal council, banks
- Establish the business concept and flow. Also analyze all the risk factors.Measure the level of interest between all potential partners to be sure that everyone's drive is the same.Determine the requirements, roles and responsibilities for each owner in accordance with your venture.Decide collectively how you want to legally register your partnership, i.e. LLP, Incorporate, or Sole proprietorship.Draw up an agreement form that thoroughly depicts what each partner will invest monetarily, also how much time and labor each person will commit to. Include the rate of return upon profit.Take the agreement to a lawyer before signing to be sure that you have covered all the legal basics.File your business under the preferred registration type, then open a bank account .
