contribute to the business. Along with that, you can resolve the amount of financial and other resources each partner will contribute to the business to get it started and keep it running. This is just a small list of the many things you can consider when you sit down with your partner and put your agreement in writing. I recommend that once you’ve stepped into the business world, you do it right with the assistance of an experienced business attorney. The attorney is going to have an outside perspective and also a knowledgeable perspective based on seeing these patterns and situations happen over and over again. They will help you crystallize what your goals and priorities are as well as the goals and priorities of your partner. And then, together, we come up with a solution that best meets those goals and priorities. If you’re a proactive business owner who wants to build your business on a solid foundation, please give us a call with any questions you may have. We will be happy to discuss those and strategize how you can lay a solid foundation for your business partnership.
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address in your agreement is what would happen if there were a deadlock in the voting. If, for example, you and your partner are 50/50, how would you deal with a situation where you’re both well intentioned, but you can’t come to an agreement on an important issue? We would discuss that beforehand and describe in your agreement how you both want to resolve a deadlock. We can also address what happens if a partner wants to bring somebody else into the business. You may know, like, and trust your partner, but you might not be as comfortable with a stranger your partner wants to bring in. And that’s something you can address head-on and resolve in your agreement. Another thing that can be resolved in your agreement is the extent to which one partner in the business is allowed to engage in other businesses on the side. Will the partner be allowed to engage in businesses that compete with your business or merely businesses that are non-competitive with your business? You can also discuss the amount of effort, time, and commitment each partner is expected to
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