Do you have a new business idea drafted together with another entrepreneur? Do you consider a business partnership to grow your company? Take these steps before committing to the new business relationship.

 

Analyze why you want a partnership

The final aim of two entrepreneurs coming together is a healthy and sustainable bottom line. However, there are other ways of reaching that. Before signing a partnership agreement, make sure that you know exactly why you want it.
  1. Analyze your business needs and assets, and how the new partnership can respond to those.
  2. Decide on the vision of the business partnership, more precisely on your common long-term growth goals.
  3. Develop the strategic planning of your partnership.

 

Learn everything about your future business partner

If the new business partner is not that friend that you know or work together for a long time, you should do some research:
  1. Run some background check, and ask for some references of previous work and business results.
  2. Check the partner’s online presence, such as on social media.
  3. Initiate discussions to understand business values and personal goals.

 

Choose a name for your business

You may decide to use the name of the partners or choose something more descriptive for the business. Once you select two-three options, check the availability for them or any similar existing names that could create confusion or image problems. Make your final decision and register the name!

 

Develop the written partnership agreement

Communicate and talk about your expectations, but also about potential future obstacles. Draft a comprehensive partnership agreement, which should also include an exit strategy. You may want to consult an attorney to ensure that:
  1. the partnership agreement covers all the legal bases,
  2. you both fully understand what you agree to;
  3. the document is properly composed, together with the articles of incorporation.

 

Contact our attorneys and schedule a free consultation to develop a successful business partnership!

Client Reviews

Daniel E., Google

Rated 5 out of 5

I left a voicemail for Tom late Sunday evening and received a phone call first thing the next morning.

Tom was very quick to reply to any questions I had, and if he was caught up in a meeting, he was sure to return my call promptly.

Tom provided sound and logical advice, during a very stressful and uncertain time. At times I asked him to be more aggressive and was often met with the pros and cons of that decision, allowing me to understand the approach and thought process behind his strategy.

Ultimately he provided options for several paths for us to take, worked swiftly, and got us where we needed to be.

He reached out several times to check on my sanity and make sure I was good.

As someone with very high expectations, I would highly recommend his services. He provided expertise that proved to be successful, and also took the time to make sure I was emotionally solid.

Tom assisted with me with a 50% / 50% ownership conflict.

Daniel E

Deanna, LawConnect.com

Rated 5 out of 5

Really informative and actionable, very grateful to have connected and I look forward to working more with them in the future.

Deanna

Marilyn, LawConnect.com

Rated 5 out of 5

i liked that a lawyer, and not a staff member, called me to get the details and he gave me his opinion of what his initial thoughts are about my case.

Marilyn

Meet Our San Diego Attorneys

Contact Gallagher Krich, APC

Fax: 858-435-4369

30+ years of combined experience.