"You may think that a handshake will suffice but that won't cut it, especially if there are disagreements or one party wants out," wrote serial founder Mike Kappel for Entrepreneur.
"As your business changes, your roles may change. You may want to bring in more partners or change the terms at some point. It's a good idea to periodically take a fresh look and make sure the agreement is up-to-date," writes Kappel.
"A partnership can be a great way to launch your business. With the right personalities, a sense of humor, careful planning and a bit of luck, it can be successful."
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