As you begin to consider putting together a joint venture, you need to sit down together and consider all the different eventualities that can occur. You need to establish your goals and mission statement and put them down in writing. You will also need to list the responsibilities of each of the members of the venture as well so that there can be no mistake in who is responsible for every facet of the day to day operations, at the same time should anything go wrong it can help decide on whose shoulders any blame may fall.
You are venturing into a business partnership with your best friend, your spouse, or your cousin. If you think you are safe from all the business conflicts that arise in most start up ventures because you know your partner very well, think again. Most conflicts and legal contests are because of this ignorant belief. You have to protect not only yourself but also your partner. Hence it is best for you to draw up a partnership agreement template before you decide to commit yourself.