Before jumping into the project, A Partnership Agreement is crucial. There must also be instructions in case of dissolution of the partnership. The future of the partnership business must be explained by explaining the process of admitting new partners. Also, you must mention what will happen if the partner dies or withdraws from the partnership. In the final stage, you need to pick the law which will govern the agreement and get it signed by the relevant authorities. He helped launch Inc.com, the internet arm of Inc. magazine, where he served as CFO and COO. Later, you need to mutually understand the division of profits and losses. In addition to this, you need to decide on the liability and debts too.