My friend and I want to go into business: Part 1
To start a business with a partner, you should always have a partnership agreement in place. Even though you are good friends and have the same objectives at the start of the venture that may not be true later. A partnership agreement sets out each partner’s rights and responsibilities, clarifies the ownership shares, share of profits and most importantly, what happens when a dispute arises. Without an agreement that details buy-out provisions, adding new partners, additional investments, voting rights, etc. you are more likely to fail in this business venture. The lack of clarity on these issues while result in a lot of wasted time and maybe even an irreconcilable dispute that will ruin this relationship. A partnership agreement makes sure that everyone is on the same page before the issues arise, making the likelihood of success greater.Contact us to help you with your small business in Doylestown, Bensalem, or Lansdale Pennsylvania.
2020 Solo Small Firm Conference-NJSBA