Starting a business with a partner? Tune in for insight on essential steps you need to take in order to make it work!

 

Episode Introduction: 

In this week’s episode of Law Chat with Girija, we’re talking about forming a business partnership and what needs to be taken care of before you do so in order for the partnership to be a long-term success.

 

Episode Summary: 

Girija Patel walks you through some super practical tips on steps you and your business partner(s) should be taking in order to ensure that you’re protecting your personal interest while you work towards growing the business. There’s information in this episode about important contract clauses to include, what to avoid, and tasks you can do to maintain the business relationship.

 

Main Takeaways:

• The role of the Partnership Agreement is to manage the expectations of all the parties involved in a business setup so that there's complete clarity on what's to be done, when, and by whom.
• Identify the areas that you and your partners will be looking over in the business and put them in writing in the company agreement.
• It’s not always advisable to have 50-50 partnerships because that can lead to an impasse.
• Hire a lawyer who represents your individual interest in the partnership.
• Have the intellectual property ownership details outlined in the company agreement.
• Your partnership agreement should clearly state the terms of exiting the business relationship.
• When looking at a potential business partner, ensure that your values align with theirs. 
• Get the correct classifications for your business that can benefit you in the long run.
• Have regular meetings with your partners and your teams to stay in sync.

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Get the visual experience, watch the videocast for this episode: https://youtu.be/urnIVsy_iy8

 

Connect With Girija:

Website: https://www.gbplaw.com/

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Starting a Company & Forming a Business Partnership: Things to Keep in Mind,

How To Make A Business Partnership Work,

Forming a Business Partnership? Things to Consider First,

What Do I Need To Know Before Starting a Partnership with a Friend,

Why I Don’t Believe In 50/50 Partnerships,

How To Structure A Business Partnership,

How To Build a Winning Business Partnership,

7 Tips for Making a Business Partnership Work,

GBP Law,

Law Chat with Girija