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

6/27/18, FindLaw.com

Rated 5 out of 5

We received a letter from an attorney representing an ex employee from years ago. This letter couldn’t have come at a worse time for our family. Although the ex-employee had no substance in their case and this was mostly a nuisance, we felt very vulnerable and unprepared. I reached out to a few lawyers for a quote and their retainer fees alone were deal breakers. When I reached Thomas Gallagher, he approached my case from a completely different angle and walked me through the many small steps we would take to get through this issue. Within the first conversation I felt like I had a plan of attack, an attorney I could trust, and that our family was protected. Our case ended up never going to court. In fact, Thomas was able to resolve the entire issue within a week. I am extremely happy with the results from this potential lawsuit, but even happier knowing my family and business is now protected by a lawyer than can get the job done.

anonymous

Meet Our San Diego Attorneys

Contact Gallagher Krich, APC

Fax: 858-435-4369

30+ years of combined experience.