Business ventures are budding relationships. Exciting at the start, even more exciting when rewarding, and turn sour very quickly when they incur losses. Over 50% of small business partners report that at least some part of their partnership agreement is verbal. We can explain this report in various ways: a) either they do not have a business partnership agreement in place at all or b) it is incomplete and they shook hands about several other aspects of their partnership. In the legal realm, and the government as well, it is an oft-debated topic whether verbal agreements should even be allowed to stand. However, as of today, most states permit the verbal partnership. This is where mediation can step in. Learn More about Business Mediation: Is There a Place For Verbal Business Agreements?
