Important steps before entering a business partnership

Dec 30, 2019 | Starting A Business

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!

Latest News & Updates

Meet Our San Diego Attorneys

Thomas F. Gallagher, Esq.

Partner

(858) 926-5797
tom [at] tomgallagherlaw.com

Troy B. Krich, Esq.

Partner

(858) 926-5797
troy [at] tomgallagherlaw.com

Contact Gallagher Krich, APC

What Clients Say:

Mike K., Google

August 11, 2023

Thank you so much for all your help in resolving a real estate matter so quickly and efficiently.

Mike K
Verified

What Clients Say:

Veronica D., Yelp

October 17, 2023

We had the pleasure of speaking with Troy for a contractor issue we had recently. He is smart, patient, empathetic and basically the lawyer we would want to be our side for (may God forbids) any legal assistance or battle we need! The interaction we had with him was “free of charge” but we already felt his dedication and concern (he took the time to reach out and follow up on how he can assist us further) which busy lawyers would normally ask their admin or assistant to do so on their behalf. We will be sure to contact again Troy, if need be! Thank you!!

Veronica D

What Clients Say:

Daniel E., Google

October 11, 2022

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
Verified

What Clients Say:

Deanna, LawConnect.com

February 23, 2022

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

Deanna
Verified

What Clients Say:

Marilyn, LawConnect.com

February 8, 2022

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
Verified

What Clients Say:

Bob W., Google

August 30, 2021

What was thought to be a simple breach of contract turned into a nightmare. Through their tenacity and their deep knowledge of the law, we were successful. There is no reason to look any further as you will not get any better representation than this firm. I highly recommend them and strongly suggest that if you are considering starting a business or are already managing one, this firm will guide you, avoiding the troubled waters businesses sometimes find themselves in.

Bob W
Verified

What Clients Say:

Rasmita M., Google

August 13, 2021

Johnny Nitti helped us with our estate plan. He was very meticulous while drafting the plan and spent enough time to explain the details to us. He filed the deed with county recorder and paid for the fees himself. Overall, Johnny did a great job and we definitely plan to work with him in the future for any updates to our EP.

Rasmita M
Verified

What Clients Say:

George A., Google

August 6, 2021

Johnny Nitti helped me with my estate planning (will, living trust, etc.) and made the process smooth. He is very responsive and organized. I highly recommend contacting Johnny.

George A
Verified

What Clients Say:

Ashley C., Google

July 18, 2020

Tom Gallagher is very knowledgeable and helpful when it comes to business law. I reached out to him reguarding the Pandemic and my salon and I’m so glad I did. Many times stress and hard times can fog clarity and he really helped me understand the laws.

Thanks Tom!!!

Ashley C
Verified

What Clients Say:

Evan D., Google

July 16, 2019

Thank you Troy for everything! Professional, prompt, and smooth handling of my case. I will be recommending to anyone that is in need of a lawyer.

Evan D
Verified