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The partnership doesn't have a written agreement (Is this common?)
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no
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Anyway, does this sound like a good deal?
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no
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Is there any other questions i should ask before a commit? is there like a simple Fractional ownership agreement i could ask to use? any advise?
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if you do a fractional ownership make sure you know how to get out, i wouldn't do it never ever
don't do it, without written agreement you could be held individually reliable for all what goes wrong