Mark Kohler explains why a written partnership agreement matters more than a handshake. Courts enforce what's on paper, not what you remember saying. Most business disputes happen because partners relied on verbal promises instead of documenting the deal upfront.
Partnership agreement is so important. But what typically happens, there are several things that can happen is people are, oh, the sun's shining. We're going to make so much money. High five. We're at Denny's and we shake hands. And the partnership agreement or the operating agreement is an afterthought. And whatever they agreed to and verbally did not end up in the operating agreement. And then the storm clouds come. Recollection of what the agreement was is verbal versus written. Guess which one's going to control what's written. And all of a sudden you're like, holy crap, I did not look at the contract. And you can't even count the number of lawsuits over this sort of issue.
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