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How to Start a Business with a Partner

How to Start a Business with a Partner

Successfully beginning a partnership depends a lot on the work that you put in ahead of time. The choices that you make in the business formation process could make or break the business. Here are some steps that could help your partnership.

Choose the Right Partner

You may end up responsible for the other person’s actions in a partnership. Your success depends on them. This is why you need to select a trustworthy partner with whom you work well. Find someone with skills that complement yours. The best thing is to have a track record and history with that person already. You should have an extensive discussion about your values and goals before you go into business with someone because you are bound together.

Get Everything in Writing

You will need a detailed agreement that captures all the agreements that you have with your partner. You should not leave anything to chance by having oral agreements. In addition, this agreement should also cover how disputes will be decided between you and your partner because, if you are unable to work out disagreements, the partnership may need to be dissolved.

Choose the Proper Business Structure

When starting a partnership, the legal form of your business could impact your liability and tax situation. You can choose between a limited partnership, general partnership, and legal liability partnership. You should speak with an attorney about the pros and cons of each option.

Speak with an Experienced Boca Raton Business Lawyer

Before you start a partnership, you should fully understand the legal ramifications and make sure that you have as much contractual protection as possible. The attorneys at Rubino Findley PLLC can help you. Call us today at 561.220.4213 or contact us online to discuss your business situation.

 

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