Finding a business idea that fits the market and assembling a good work team as well as obtaining the necessary financing, is among the tasks that must be done to launch the work on which the company's success will depend.

Despite this, there is a factor that entrepreneurs do not pay enough attention to, but it may be crucial for the future of the project and the interests of the company's founders, which lies mainly in signing a partnership agreement.

This agreement is a special document that aims to regulate internal relations at the heart of the company and ensure conflict resolution.

This is what was stated in the report of the author, Clarisa Seculets, published by the Spanish newspaper "Expansion". According to experts, mistakes are most common when preparing a partnership agreement.

Waiting for the first round
Many entrepreneurs believe that an agreement between the partners is not necessary until a professional investor enters and demands the group, which is a big mistake.

Carlos Serrano, investment manager at Angeles Capital, recommends that any company with more than one shareholder have a partnership agreement that sets out the rules for what each partner adheres to and what it can and cannot do.

Hence, leaving things clear in writing can make us avoid many future conflicts.

On this, Alberto Fernandez, a professor of entrepreneurship, says it is important to define some rules, because one's interests can conflict with the interests of others, and you should think about the other side who could be your potential enemy.

Making things clear and written in writing will help avoid multiple conflicts between partners (BIXAPI)

Not to consult a specialist
The writer added that there is a very common mistake among entrepreneurs in signing a general partnership agreement, sometimes in the form of forms from the Internet, which do not meet the needs of each partner.

In this case, it would be best to seek advice from a competent lawyer, to be able to fully protect the partner’s interests and will clearly explain to him what he must adhere to.

Rosa Serra, legal adviser to Marina de Empressas, warns that there are business people who never understand what they are about to sign, and in some cases, they can find themselves in harmful situations.

Ignore the rules of procedure
Once the agreement has been prepared, it is necessary to transfer the significant changes to the company's internal system, because otherwise conflicts may arise in the future. According to the director of Family Business Solutions, Ricard Agosti, if there are problems, the provisions of the internal system must be respected, because the agreement between the partners is an obligation between the parties concerned and not the third parties, similar to the banks or investors in the future.

In addition, most uniform internal laws allow the free transfer of shares, therefore, if the regulation of this aspect falls in the partnership agreement, and not in the internal system, some problems may arise.

Lack of coordination of the process of leaving the partnership
This may be the most accurate aspect of a partnership agreement and the reason for the failure of many startups.

The founder of Icomiana Capital, Carlos Blanco, stressed that it is necessary to define rules for the continuity of the partners of the company and what happens to their shares when they decide to leave the partnership.

It is necessary to clarify the responsibilities each partner will bear and the way decisions will be made (Getty Images)

The role of partners is unclear
It is necessary to clarify the responsibilities each partner will assume and the way decisions will be made. In this case, there is an aspect that is difficult to resolve, especially if the company belongs to two partners equally, and the absence of an agreement between them can threaten the survival of the company.

Partners must also set rules regarding the regulation of wage conditions and the system of exclusive contracts as well as the policy of contracting with third parties.

"Unfortunately, this happens a lot, as businessmen increase the salaries of a family member working with him or contract with others," Blanco said.

Failure to develop new items
The wording of some clauses can be crucial to the interests of the partners, perhaps the most affected is the right to withdraw, when a purchase offer occurs, the partner who has the right to withdraw may compel the other partners to sell their shares to the buyer.

To avoid this, it is important that the final wording of these clauses includes basic aspects such as the period of exercise of this right, the minimum price that partners must sell, the option to match the offer and penalty clauses in cases of default.

Another key point of the partnership agreement is the right to accompany. In the case of a purchase offer for one of the partners, all other partners can submit their offers according to the same terms and conditions.

Partners must define rules regarding the regulation of wages and exclusive contracts (communication sites)

The risk of preferential liquidation
One of the conditions that may be problematic in the partnership agreement is the right to preferential liquidation.

According to Ricard Agusti, if the company is sold, this clause allows the investing partner to take precedence when recovering his investments, even if they are doubled, and in this way the project owner might have sold his company for a huge amount without receiving anything in return.

In some cases, the problem with these terms is that they are not well written and this may generate many problems when applied, which leads to various interpretations. Sometimes it creates conflicts between partners.

In other cases, investors include the item in the partnership agreement, without the owner of the project being aware of what he signs.