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7 Things to Do Before Creating a Business Partnership - Part 1

dreamstime_xxl_39263650-160812-57ae468acc8eb-300x200.jpgYou have a phenomenal business idea, and you've found someone you think could be a great business partner. What now? The first thing to do is contact a good lawyer. If you don't know a good one, start making inquiries. And if you live in New York, contact our office. Once you have the lawyer ball rolling, you can turn your focus to other steps that will ensure you and your partner have a strong foundation.

Why are all these steps necessary? Maybe you've known your partner since 3rd grade, and you feel like you know everything there is to know. It's important to realize that being business partners isn't about being friends: it's about being a team. Once you get into team territory, there are simply some things you need to know. It's the only way to diminish the possibility of catastrophic surprises later on. Therefore, make sure you truly know all there is to know about this person before you go into business together.

Perform a credit check

A business partner with bad credit will drag a business down. If the business requires loans, they all will fall on you. You have to share credit reports to make sure the both of you are ready to take on the endeavor. It can be awkward, but remember, you're doing it for the good of the business. If you want to be successful, you can't cut corners. Be transparent about finances from the beginning, and you'll be a better team.

Get references

Your potential partner may show one side to you and another to employers. Checking references will empower you to get insights into potential trouble spots and to make an informed decision about moving forward. Again, if you are best friends, remember, you aren't looking for a business friend. You're looking for a partner who will be a good team member.

Check online profiles

Once you are in business together, everything you and your partner do will reflect on your business - and each other. Check out business and person sites and examine your partner's interactions. If anything makes you uncomfortable or you wish you could hide from customers, it's time to think twice about the partnership.

Take a personality test together

You aren't the same person as your partner, and it's a good thing. Both of you bring unique strengths and weaknesses to the partnership, and the more you know about them, the easier everything will be. Take a personality test or two and see how you and your partner fit together. This is a great foundation for dividing up duties and jobs.

Once you work through those four steps, if everything looks good, it's time to form a partnership! This is an exciting time! By now you probably have found a lawyer you trust, and it's time to bring him or her on board! You have three documents that must be prepared and signed, and you don't want to do them on your own. Contact Quatela, Hargraves & Chimeri for knowledgeable, dependable commercial litigation services!

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