Business Co-Owners: Descriptions, Division of Duties, Conflict Resolution
Can you tell guide me on some items that business co-owners should take prior to starting? The thought of trying to list every task that needs to be divided seems overwhelming. Is there a template somewhere that lists many things to consider when dividing roles so we make sure all major areas are discussed? Also, looking to see what type of resources are available for conflict resolution between co-owners? Thanks!
You’re smart to be considering these topics early on. What you’re going to want is a partnership agreement. The articles below should help as they contain templates and checklists.
It is important that you determine in advance which partner has decision authority over which parts of the business. It’s also crucial that partners agree on what kinds of decisions they can make on their own for the business, and what kind of decisions require partnership involvement/approval.
You may also want to check out our entire starting a business section too!
Best wishes to you.
Laura, Sr. staff writer
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