Any group of individuals entering into a business partnership, whether it is family, friends or random acquaintances on the Internet, should invest in a partnership agreement. This agreement gives individuals greater control over how their partnerships are managed on a day-to-day basis and managed at a long-term strategic level. Now that you`ve read the default partnership rules, it`s time to meet with your partners and discuss some important things. You need to discuss the purpose of the business and the identity of the start-up costs to start the business. Later, you need to understand the division of gains and losses. In addition, you also need to decide on liability and debt. The person responsible for decision-making should also be discussed among all of you. .