Starting a business can be much like marriage. In the beginning you are head over heels and nothing can ever go wrong. You are happy, you move in together and you build a home together – it’s all good. But if one day things go bad, and you decide to break up, you might suddenly find yourselves arguing over who should get what. Such a quarrel could easily be softened, had you made an agreement from the very beginning.
And this is why you need to get everything related to your business in writing. It doesn’t matter if it’s an ownership or partnership agreement, a manufacturing or distribution deal. Get it in writing! And do spend the money on a competent lawyer – it will be in your own interest.
But don’t just take our word for it. Read, what three Scandinavian entrepreneurs and our business advisors said, when asked about the necessity of clearing legal matters before starting your business.
“I never say ‘yes’ or sign anything without having a third party look at it.”