The best way to ensure that both parties are equally protected in a business partnership agreement is to create and sign a formal, written contract. This document should clearly lay out the roles, responsibilities, and rights of each partner as well as any relevant information regarding the formation of the business such as initial capital contributions and ownership percentages. Additionally, it should cover any potential scenarios which could lead to changes in the relationship between partners including death or dissolution of the partnership. The document can also include provisions for dispute resolution procedures such as mediation or arbitration if necessary. A lawyer experienced in business law can help you draft an appropriate agreement which reflects your specific needs and those of your partner. It is important to note that while this type of agreement will provide legal protection for both parties involved, there may be other considerations depending on particular circumstances such as local regulations requiring additional documentation or insurance coverage beyond what is contained in a simple written contract. Therefore it is important to seek advice from experts knowledgeable about these issues before entering into an arrangement like this.
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