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1. Legal Foundation: • Form your business entity with the assistance of an attorney to ensure compliance with legal requirements. • Draft a comprehensive operating agreement that addresses key business aspects and potential challenges. 2. Financial Commitments: • Ensure all partners fulfill their financial commitments before initiating any business activities. • Monitor contributions closely to avoid delays and discrepancies. 3. Hold Off on Commitments: • Avoid making any long-term commitments, such as leases, until all partners have demonstrated their commitment and signed the operating agreement. If you’re past the initial 90 days and facing challenges with your business partners, here are some recovery strategies. 1. Information Gathering: • Collect all relevant records, including agreements, emails, and financial contributions. • Create a detailed account of each partner’s contributions to the business. 2. Communication and Decision-Making: • Establish regular communication channels and structured meetings with agenda points.
• Seek the guidance of a business attorney to navigate challenges and pitfalls effectively. 3. Strategic Decision-Making: • Be prepared to make tough decisions to steer the business in the right direction. • Consult with a business attorney to develop a strategic plan and address the issues at hand. Starting a business with partners requires careful planning and execution. By prioritizing legal foundations, ensuring financial commitments, and maintaining open communication, you can increase the likelihood of a successful and harmonious business partnership. If challenges arise, don’t hesitate to seek professional guidance to navigate the complexities of business relationships. Remember, addressing issues head-on is the key to preserving the health and longevity of your business partnership.
6770 S. McCarran Blvd, First Floor Reno, NV 89509 775.448.6070 SierraCrestLaw.com
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