Ownership agreement
What is an ownership agreement?
An ownership agreement is a contract or agreement that describes the conditions for ownership of a certain thing, such as a house, a car, or a business.
It may include information about who owns the items, who is responsible for maintenance and repairs, and how any transfers of ownership should be handled.
Ownership agreements can also contain information about how any income or expenses are to be shared between the owners.
It can be a written or oral agreement.
Is an ownership agreement important?
An ownership agreement can be important because it can help clarify expectations and responsibilities for ownership of a particular item. It can also help avoid friction or misunderstandings between the owners, and can provide a clear guideline on how to handle any problems.
We recommend that you draw up an ownership agreement if there is more than one owner of the company, you may be good friends now, but friction can quickly arise.
Reach out to our coaches and get help with an ownership agreement.
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