What is the name of your state? Texas
I own a small surveying business and have been approached by one of my competitors about assuming some of his client base. He has the ability to ensure that these clients use my services. We have verbally agreed that I would give him 10% of the monthly billings for these clients for a term of one year. The yearly revenue for these is expected to be in the $150,000 range. I would like this to be in writing and would like to know if there is a certain type of contract that needs to be drawn up. Are there any type of pitfalls, or traps that I should be on the look out for? I am still new in business as a sole proprietor, he is a corporation. I have always felt that if something was too good to be true that it usually isnt. His reasoning for doing this is that he is semi-retiring.
I own a small surveying business and have been approached by one of my competitors about assuming some of his client base. He has the ability to ensure that these clients use my services. We have verbally agreed that I would give him 10% of the monthly billings for these clients for a term of one year. The yearly revenue for these is expected to be in the $150,000 range. I would like this to be in writing and would like to know if there is a certain type of contract that needs to be drawn up. Are there any type of pitfalls, or traps that I should be on the look out for? I am still new in business as a sole proprietor, he is a corporation. I have always felt that if something was too good to be true that it usually isnt. His reasoning for doing this is that he is semi-retiring.