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7 Things to Do Before Creating a Business Partnership - Part 2

Great business partnerships are extremely powerful and all too rare. The good news is, if you want to get into business with someone, we are here to give you the advice you need to succeed! In our last blog, we went through everything you should check before going into business with someone, including credit scores, references, online presence, and personality. If you get through all of those steps and everything looks good, it's time to hire a lawyer from Quatela Hargraves & Chimeri!

Creating a partnership should always include a lawyer; it's worth the expense. We will help you draft the three main documents needed to make a business partnership official: organizational structure, partnership agreement, and an exit strategy.

Organizational Structuredreamstime_xxl_32725640

Each of you need to play different roles and be clear about what your jobs are. Otherwise, confusion and disagreements will be all-to-common. This agreement has two sections: an organizational chart and job descriptions. You will be very grateful you took the time to figure everything out when your business is rolling!

Partnership Agreement

This is where you answer all the "what if?" questions. Who get's what? Within this agreement, you will both sign a non-disclosure agreement, a non-solicitation agreement, and a non-compete agreement. These agreements ensure loyalty and will empower your company to move forward.

Exit Strategy

This agreement will take a lot of the fear out of the future by clearly laying out what will happen if the partnership has to dissolve. The future is unpredictable, but you'll know what to do if leadership has to change.

Quatela, Hargraves & Chimeri is proud to be New York's premier commercial litigation service. Contact us in Massapequa for your business law needs!

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