I have seen quite a lot of questions/doubts and concerns here on http://answers.onstartups.com about partnerships. Splitting, percentages, responsibilities, legal obligations etc etc.
In my opinion it seems like a lot of people jump into partnerships without knowing the risks and benefits, pros and cons. Most of the time I assume is to avoid costs involving legal documents etc, sometimes just lack of knowledge about the consequences when things go wrong .
My questions are:
- It is possible to create a partnership document with legal validity without involving a lawyer (or a high costs) ?
- If YES, what should be outlined on such document ?
- If NO, what are the cheap (home made) legal alternatives ?
Please note and remember that all countries have different set of laws and rules, so please make of the answer a broad one so It can help and serve as a reference for future questions.
Thanks in advance