Memorandum of Understanding

When you've found the right business partner but you still need to sort out the nitty-gritty for a formal contract, a Memorandum of Understanding helps you get the deal off the ground. With this document, both parties agree to work toward working together. Maybe you're partnering for a one-time project, or starting a long-term relationship. A Memorandum of Understanding allows you to lay out the terms in writing.

Use a Memorandum of Understanding if:

• You're a business owner about to partner with another business.
• You own a small business and commonly partner with others.
• Another business has asked to work with your business.