How Do You Get Your Business Partnership Off to a Good Start?
Some business partners ask the question “How can I anticipate and resolve legal disputes with my business partner before they even happen?” The first thing is that, as you embark upon a business partnership, you’re getting to know your business partner better and better. And one thing you want to do while everybody’s on good terms and cooperating is to set your deal in writing so everybody understands, going forward, what the rights and responsibilities of each partner are. “If you lay a good foundation, then you can build a great business on top of that foundation.”
If you lay a good foundation, then you can build a great business on top of that foundation. So, sooner is better. Another reason taking action sooner is better is that in legal issues, as well as in life, you always have more solutions at the beginning of the relationship than you do, heaven forbid, if the relationship deteriorates in the future. You’ve got a lot more control over your circumstances, a lot more ability to negotiate and come up with a fair agreement with your partner at the outset than you do at the end. Plus, if you use an attorney to help you put your deal in writing, which you should, the costs you spend to put your deal in writing and use a competent business attorney at the outset are going to be maybe 100th of the costs you will spend with an attorney a few years down the road if you have a severe business problem with your partner. So, the cost of doing it right from the beginning is substantially less expensive than the cost of solving a dispute once it has come up. If you make the decision to protect yourself, your business, and your partner at the outset, one of the best things to do with your partner is put your agreement in writing. An example of the kinds of issues we can
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