Sharing Daily Discoveries About Personal Finance And Business Topics

Spending Too Much Time With Legal Agreements

business and finance blog

I was looking back at this project that I am starting this year with another person and in many ways it is a little surreal that we have yet to finish all the legal agreements in the partnership. This is one of those things where you can end up spending all day trying to draft the perfect agreement to the point where you’ll never actually get to do work on the project itself.

What did help was that eventually we tried to draft it with the notion that we would try to focus on what we need at this moment with a particular level of activity. If things turn out to grow faster than expected then we both agreed that we would need to create a new one. This is one of those semi irritating scenarios as it isn’t exactly a situation where a ton of people are involved or that there is a need for a large initial capital investment from either party. It almost feels like two kids getting lawyers involved to start a lemonade stand in some ways.

However, it’s one of those things where you still want to get it right for fear that if you do something wrong now you will end up paying for it later. Too bad we don’t live in a world where people can simply trust each other’s word or that a simple handshake would do huh?

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