A successful partnership between two brothers and the brother-in-law of one of them worked well on trust.
But they still had an agreement in the bottom draw and when one of the men decided to pull out of the partnership the paperwork ensured it happened fairly and tidily.
The importance of paperwork to back up trust is illustrated in this partnership:
A Western Australian couple has lost a High Court case over the dissolution of a farm partnership in Canterbury where late businessman Allan Hubbard’s idiosyncratic record keeping made it difficult to prove what the partners had actually agreed to. . .
Farmers round here still do deals on handshakes but the sensible ones back them up with careful paperwork as a backstop because you need more than trust if you want your case to stand up in court.