While it is one thing to dream about owning your own business one day, doing it may be completely different from what you imagined. Coming up with sufficient capital, making a business plan, finding a building or area to rent, and bringing in clients can be extremely challenging—not to mention exhausting! Working with one or more business partners means that all the financial weight does not fall on you, and tasks can be delegated.
You May Have Known Your Business Partner for Years
Your business partnership may be with a friend or group of individuals you have known for years, perhaps even since childhood. The spark of an idea for a product or service probably evolved over time and will continue to do so as you follow your vision and your business grows. The only problem with time in terms of business partners though is that people begin to change, opinions regarding business trajectories may clash, and others may simply want out—or to embark on other careers or business ventures. This should all be considered ahead of time before partnerships start to go south though and detailed in a comprehensive business partnership contract.
A Strong Partnership Contract Establishes Expectations
An experienced business attorney like Shane Coons can help you draw up a contract, along with advising you on how to prepare for any future changes such as dissolution or handling partnerships and shares of the business in the event of one of the partner’s dying. With all the basic details and the more complex ones written into the contract, you and your partners should have the peace of mind in knowing what is expected of you as well as what should happen in the event of a major change later.
Discuss How Disputes Should Be Resolved
The dispute resolution clause is very important to your business partnership contract also—and settling on this while everyone is getting along is highly beneficial. As a group, you can decide whether any legal issues would be settled through litigation or perhaps arbitration, mediation, or judicial reference. Along with that, you can predetermine—with the input of all partners—what county or location where the resolution would take place, and how attorney’s fees would be paid too. Mediation is often a good choice for dispute resolution as the more casual setting allows for the parties involved to engage in thoughtful discussion and come to a compromise, perhaps in the end saving a treasured, long-term working relationship too.
Contact Us for Help Now
Do you have questions about a business partnership contract or another business matter? If so, contact Attorney Shane Coons. Our law office represents clients involved in a wide range of businesses and legal issues, and we would be glad to review your case and help you explore your options. Call now at 949-333-0900 or email us at Shane.Coons@seclawoffices.com.