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Partnership and other business structures (such as a company), typically require thought as to the following:
- Identity and full desciption of the relevant parties
- The types of decisions one party or all parties can make;
- The asset and cash backing or 'seeding' for the venture;
- The parameters of what the business is intended to do;
- its offices (and perhaps a lease);
- how long the venture is intended to last;
- mechanisms for share sales (incoming and outgoing)alst;
- the duration of the venture;
- the extent to which partners are allowed to compete against their own business;
- dividend and profit allocation policy;
- Dispute resolution; and
- various exit strategies.
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