Hey,

First of all, this is a really smart query. I don't know if I will be able to answer this or not but let me try.
A partnership is similar to a sole proprietorship, and each partner owns a portion of the business’s assets and liabilities.

With more than one person making decisions and affecting outcomes, different aspects of starting and running the business need to be addressed up front. Although not required, I strongly recommend that partnerships have a partnership agreement in place to detail the business ownership and responsibilities of partners. The clearer and more complete the agreement, the less that is up for debate or disagreement when partners don’t quite see eye to eye.

Sometimes, the unexpected happens. It’s what makes business so exciting—and unnerving at times. Your partnership agreement should address possible scenarios and concerns, such as:

A partner getting sick or dying—What happens then?
A buyout—How will the business be evaluated (and what is the split) if an offer is laid on the table?
Retirement provisions.
Circumstances under which you can modify your partnership agreement—and the process for making changes.

I can just give an illustration that in such scenarios you can check with consultants and reach out to the consulting industry for guidance. While I understand that focusing on a hundred other things, you do not want to focus on the consulting part initially, there are many websites and companies that provide you information and intelligence on the consultancy part.

Please feel free to connect if you need to discuss more on the agreement part and if there is any challenges, I have a close friend who has just helped his company pull off a similar headache (pun)

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