Starting a Business

[JoeRedskin]

Originally Posted by jbcjr14

If you have nothing in writing about a partnership, I would say you have about 90% of the battle won. The issue is what state you reside and if verbal contracts constitute a legal binding agreement. I am not an attorney, but did sleep at a Holiday Inn last evening. Maybe one of the legal warpathers can comment to this regard.

Verbal contracts are binding in every state. The issue with verbal contracts, as opposed to written, is proof of the terms - it is easier to prove the terms of a written contract than an oral contract. It is up to the person asserting a term to prove the term existed.