Writing Good Contracts

Discussion in 'Business & Economics' started by TruthSeeker, Nov 6, 2007.

  1. TruthSeeker Fancy Virtual Reality Monkey Valued Senior Member

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    I'm going to get a partner soon, to expand my business, and I must write a contract for us to sign. Does anyone know a good site that has some contract templates?

    I took a course at writing contracts, but don't have enough time nor do I feel like writing the whole thing from scratch... LOL!!

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    I have a copy of the Partnership Act, so please don't come and tell me I don't know what the hell I'm doing... LOL!

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  3. draqon Banned Banned

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  5. Fraggle Rocker Staff Member

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    If you're going to be successful in your business, you have to know how to spend your money wisely. It is wise to have a professional attorney handle your contracts, unless your "business" is a lemonade stand.
     
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  7. Why? Registered Senior Member

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    If you must do a partnership agreement yourself, see if you can find a few examples in legal form books. Go to a law library. Really, though, you should hire a commercial lawyer.
     
  8. Read-Only Valued Senior Member

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    I'm with Fraggle all the way on this one. Don't be a cheapskate and try to cut corners by doing it yourself - it will wind up biting you sooner or later. The misuse (or inclusion/omission) of a single simple word can totally nullify exactly what you trying to protect. Stick to YOUR own profession and have a professional do their thing for you. (Even after four full years of med school would you try to remove your child's appendix yourself???)
     
  9. cosmictraveler Be kind to yourself always. Valued Senior Member

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    NEVER WRITE YOUR OWN, HIRE A LAWYER
     
  10. draqon Banned Banned

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    lawyers=cost money
     
  11. cosmictraveler Be kind to yourself always. Valued Senior Member

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    But a bad contract could cost you your business! Is it worth the risk to you?
     
  12. Read-Only Valued Senior Member

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    And doctors cost money, too. Are you going to refuse their services also when you need them????

    This is a clear case of (paraphrasing here) the guy who acts as his own lawyer has a fool for a client.
     
  13. cosmictraveler Be kind to yourself always. Valued Senior Member

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    Another thing most lawyers have is a set price like 300.00 to 500.00 to write

    most simple contracts so you can negotiate with them on their costs.
     
  14. quadraphonics Bloodthirsty Barbarian Valued Senior Member

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    Business expense = tax write-off
     
  15. shorty_37 Go! Canada Go! Registered Senior Member

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    I have been Self Employed for over 10 yrs. Do NOT skimp on this kind of thing. It is well worth the money in the end to pay a LAWYER and have GREAT ACCOUNTANT.

    Plus as someone else said. It is a business expense, write off.
     
  16. nietzschefan Thread Killer Valued Senior Member

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    Positive language.
     
  17. TruthSeeker Fancy Virtual Reality Monkey Valued Senior Member

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    HAHAHA!! I love that one...

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  18. TruthSeeker Fancy Virtual Reality Monkey Valued Senior Member

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    Well, guys, sure hire a lawyer.... easy to say... but let's see......

    1) just moved to this city, don't know anyone
    2) my wife's 9 months pregnant
    3) just spent a ton of money moving
    4) still have to pay off some government bills
    5) still have to pay off immigration lawyer

    I mean.... kinda tough to get another expense on top of the ones that I already have... LOL!!! I already have about $2000 that I'm putting aside for business and unavoidable expenses not including the regular ones.... yuck... and my wife wants to spend $500 on a shopping spree on chirstmas....

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    But whatever, I do agree with you, I should get a lawyer. But maybe I could write it and have my father-in-law review it... (he's a retired lawyer). I have till thrusday to write this thing and he will come visit on thrusday, so that would work out well, I think.... :scratchin:
     
  19. cosmictraveler Be kind to yourself always. Valued Senior Member

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    Just ask HIM to write it.
     
  20. TruthSeeker Fancy Virtual Reality Monkey Valued Senior Member

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    That's a good idea too....

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  21. Mr. G reality.sys Valued Senior Member

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    What kind of business?

    What is the nature of your familiarity with this potential new partner?

    What is the partner investing in the business -- the buy-in --to be able to legally share in the business's future profit?

    Why can't your cost of a lawyer -- the best advise, so far -- be paid back by a portion of the potential partner's buy-in monetary investment in his future profit?

    What are you doing taking on a partner in a business that can't already support itself, yourself, your wife, a kid and a partner and his monetary needs?

    I'm not seeing a rational business model materializing from the ether.
     
  22. Mr. G reality.sys Valued Senior Member

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    C Corp; S Corp; LLC; LLP?
     
  23. Mr. G reality.sys Valued Senior Member

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    Start up businesses can barely support themselves, if at all, let alone support their owners.

    It normally (statistically) takes years to grow a business before it can support itself and the owner(s).

    Sucking all the income out of a small business to support a growing family leaves the small business short of growth capital.

    Supporting a family with a small business always on the edge of failure isn't the best business model, or family income source.
     

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