Ali, firstly, welcome to CCV - it's a pleasure to 'see' new faces. If there's anything we can do for you, please don't hesitate to ask.
To answer your question, I would for once recommend that you speak to a reputable contract lawyer in the first instance; whilst agreements may be drafted fairly easily, it's not always possible for non-legal types to construct a binding and watertight agreement within the confines of what is and isn't applicable, reasonable and/or relevant under the laws of your jurisdiction. For instance, we're based in Scotland, and it's important to note that that alone has a different legal system than England. A lot of people don't know that. You must work with a contract lawyer to discuss the objectives and longterm considerations of your partnership.
SO, in short, whilst it's easy to pretend that I (or others) know legal things, your best and most effective action would be to approach a real expert in that field.
Best of luck, and please keep us up-to-date with the developments. It's always exciting to see new ventures forming before our very eyes. You may find you learn quite a lot from this site which may help you streamline your operation from inception to maturity, so please feelfree to ask questions no matter how seemingly basic.
John |