But we do it. And, half of us are glad we did. In the business world, some think a handshake is a macho and romantic way of doing business. While such arrangements are great theater, in real life they are stupid and risky. Just as in marriage, misunderstandings are common.
Money affects our behavior.
Thus, if you are going into business with a partner-before you open the doors, get a written agreement. And, if you are in business, perhaps it is not too late to sit down with your partner, show the column and draft an agreement. Define the role and responsibilities of each partner. It is vital that each partner knows what his or her agreed upon responsibilities are. Just as important as defining responsibility, is the need to define the limit of each partners' authority.