The three conversations every partnership needs

1. What does each partner put in?

One partner brings savings. Another brings years of experience and evenings after their day job. Both contributions matter. They just aren't the same thing.

Imagine an electrical business where one partner pays for the van and equipment while another handles the jobs and customers. ‘We'll split it evenly’ doesn't explain whether the money is a loan, what the work is worth, or when either person gets paid.

Start with one question: “What can each of us realistically contribute?” Then talk through the details, one at a time.

• What time can each partner commit each week?
• How do we think about the money each partner puts in?
• When do we expect to start paying ourselves?
• If the business needs more money, what would feel fair?

2. Who has the final call on what?

Equal ownership can be a good choice. It isn't a decision-making plan. Someone still has to approve the new hire, choose the supplier, or decide whether that lease is a good idea.

You may want one partner to handle everyday decisions in their area, with bigger commitments decided together. The useful part is naming the difference before a busy Tuesday makes the decision for you.

Start with: “Which decisions should we always make together?” Be specific about what counts as a big decision.

• What can each partner decide independently?
• What spending needs everyone's approval?
• What should happen if we can't agree?

3. What happens when life changes?

Someone gets sick, has a child, needs a different income, or simply wants a different life. Planning for change isn't a prediction that the partnership will fail. It's acknowledging that people have lives outside the business.

A temporary step back and a permanent departure are different situations. Talk about what each might mean for the work, the relationship, and the people depending on the business.

Start with: “If one of us needed to step back for a few months, what would feel fair?” You don't have to design every possible exit in the first conversation.

• How much notice would help us plan?
• Who could cover the work during an absence?
• What would we want to discuss if someone wanted to leave?

Write down the expectations, not just the headline

‘We'll be fair’ sounds reassuring. ‘We'll review our hours and pay together every three months’ gives you something to come back to. Write down what you actually mean, including anything you haven't settled yet.

Each partner can think privately first, then choose what to share. Finding a difference now is useful information, not a verdict on the relationship. You don't have to settle everything in one sitting.

Stay Partners was built by Andrew Legrand after 15 years as a business lawyer. He wanted more partners to have the careful conversations behind custom legal work, including people who couldn't afford that process. Helping people build something felt better than helping tear it apart.

A shared understanding isn't a legal agreement

Your MOU records wording everyone accepts. It is not intended to be legally binding, and it doesn't replace an LLC operating agreement, a partnership agreement, or advice tailored to your situation.

Bring your written expectations to a lawyer when you need binding terms. Ownership changes, buyouts, departures, and existing disputes need advice from a lawyer of your own. A conversation is a useful start, not a substitute for that work.

Which conversation should come first?

Money and effort, usually. It's where unspoken assumptions pile up fastest, and once you agree on what each person puts in, decisions and change are easier to talk about.

What if my partner won't have these conversations?

Ask what's making them hesitate before reading too much into it. Some people worry it signals distrust; others are just busy. Our guide on bringing up a partnership agreement has sample messages and ways to understand hesitation.

Are three conversations really enough?

They're a starting point, not the whole list. They cover the topics where partners most often find they assumed different things. The partnership agreement checklist goes further when you're ready.