If each principal would review the following questions and record his or her opinions, attitudes or wishes, development of an agreement will be greatly aided. Frequently principals will personally own some items - and other items are owned by the business entity. This section can normally be completed quite easily. Principals may have brought certain books, texts and reference materials to the business and may continue these subscriptions personally. Approximate current value and ongoing maintenance charges paid personally.
Many persons joining a partnership or corporation bring a base of clients.
These should be listed and explained if necessary. In some circumstances, it is appropriate to have a non-competition clause. This could preclude contact with the firm's clients for a period of time. It might even have professional or geographic exclusions. However, the courts have held that such an exclusion will be inoperative if it attempts to deny a person the reasonable right to earn a living.