LifeinAsia - 4:44 pm on Jan 20, 2011 (gmt 0)
Definitely a great post!
I can't count the number of threads in the past that were started because of problems arising where there was no contract.
That said, I am also guilty of doing work sometimes without a contract...
One thing I would add to the list of things to include- a "divorce" clause. All parties need to have some way of getting out of the partnership, whether it's from being bought out, death, inability/unwillingness to continue, etc.
Also, as time goes on and needs/responsibilities change, the contract may need to be updated.