While millions of small businesses thrive in the US today, they exist in a vast array of different dynamics and types, from corporations to sole proprietorships, to partnerships, and more. If you have just founded a new company, you may be working with one or more individuals who you have known for quite some time; in fact, it is not unheard of for business partners to have known each other since they were kids, and the business may be a product of a dream that you even brainstormed about as kids. Finally opening a business probably seemed like a dream come true, and you still may be pinching yourself to see if it is really happening—and especially if the cash flow is positive.
There are many different trains of though and opinions on having business partners and business partnership contracts. Business partners can offer many different benefits to you and your company. If you created your business model and business product or services together, then your partnership model is probably very strong. If you are just opening your business later in life or bringing on a new partner after the business has been opened, it could be because you need more capital, and this partner will also function as an investor.
You may be bringing someone on because of their specific skills, and this could be invaluable to the success of your business later. Someone new coming into the company should complement your skills, rather than just matching them. No matter who you bring into your business is crucial to have the proper partnership contract drawn up so there are not questions later. The great thing about a business partnership contract is that you can even include a clause regarding dispute resolution. Trust us, it’s much better to do that while you are getting along, then later when there is already a legal dispute in progress.
Do you have questions about a business issue, or do you need legal assistance regarding a business dispute? If so, contact the Bolender Law Firm. Our attorneys are experienced in representing clients in state and federal courts, at both the trial and appellate level. Call us at 310-320-0725 now or submit an easy consultation request online. We are here to help!