A letter of intent is a document that outlines the key terms of a business partnership or joint venture. It’s used to prevent misunderstandings and disagreements down the road, and it can also be helpful in negotiation. If you’re considering entering a business partnership, you should write a letter of intent first.
If you are looking for a sample template, we have a helpful one here. This template includes all of the key elements that should be included in a letter of intent, such as an overview of the business, each party’s responsibilities, and the terms of the partnership. Be sure to read through it carefully and make any necessary changes to fit your specific situation.
Business Partnership Letter of Intent
[Name of Sender]
[Name of Sender’s Business if applicable]
[Address of Sender]
[City, State, Zip Code]
[Date]
[Name of Receiver]
[Name of Receiver’s Business if applicable]
[Address of Receiver]
[City, State, Zip Code]
Dear [Partner’s Name],
Thank you for agreeing to enter into a business partnership with me. I am confident that our relationship will be both beneficial and profitable. To that end, I have outlined the terms of our agreement below.
First and foremost, we will be equal partners in all respects. We will share equally in both the profits and losses of the business. Each of us will have an equal say in all major decisions, and we will consult with one another before taking any action that could potentially affect the business.
In terms of financing, we will each contribute equal capital to the business. We will also take out a loan for [$Amount], to be paid back throughout [Number] years. The loan will be paid back from the business’s profits, with each of us contributing an equal amount each month.
I believe these terms are fair and reasonable, and I look forward to an extended and successful partnership with you. We can meet at your convenience to discuss the points we have not yet agreed on before we meet the lawyer. If you have any questions or concerns, please do not hesitate to contact me at [Phone Number].
Thank you for your time, and I hope we can reach an agreement soon.
Sincerely,
[Signature of Sender]
[Printed Name of Sender]