MasiboLaw

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By Afra Adade

The early days of a business partnership are like the early days of most romantic relationships. Typically, they are full of enthusiasm, promises, and limitless possibilities. Consider it the “honeymoon phase” of a partnership/joint venture. There is a rush of adrenaline and a shared passion, vision, and enthusiasm at this period as the two parties come together to achieve their business goals.

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While the honeymoon stage is full of hopes and fantasies, it is critical to be proactive. Building a long-lasting relationship requires more than love and pleasant vibes.

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Just as a proactive couple would lay a solid basis for their relationship through open communication and mutual understanding of issues, parties entering into business partnerships must be clear about their goals, expectations, individual roles, and strategies and set them out in contracts.

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Contracts are similar to commitments made in a romantic relationship. They lay the foundation parties need to manage problems, resolve disagreements, and keep the partnership functioning long after the initial spark settles, and the day-to-day realities set in.

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Ignoring or postponing the legal aspects of your partnership can be problematic, resulting in misunderstandings, conflicts, and potentially much bigger problems in the long run.

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Remember that the honeymoon period will not continue forever, but a well-structured contract can provide long-term stability and security.

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Feel free to leave your comment and feedback.

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