In addition to the management provisions outlined in last week's column, you will also need provisions in your Shareholders' Agreement for an "exit strategy," allowing you to buy your partner out (or the other way around) in case things don't work out between you.

Here's a checklist of the most common buyout clauses, and some things to think about when discussing them with your business partner.

(7) A "Golden Rule" Buyout Clause. If the two of you are locking ...

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