Business partnerships between friends, family, neighbors, and co-workers and not uncommon. Perhaps a water cooler break discussion inspired a business idea, or maybe a relative wants to jump in to your existing business venture. Whatever the case may be, a partnership can be a great way for people to combine their collaborative efforts when things go well, but it could also easily end in disaster and ruined relationships when things go south.
Planning and navigating a business partnership isn’t always an easy affair! Keep these tips in mind as you move forward with your collaborative business venture or project, and remember that the business law attorneys at Egbert & Barnes, P. C. can quickly be reached during our normal hours of operation.
Promote Open, Effective Communication
Experts agree that the single most important factor in a business relationship is communication. Regular interaction and communication helps both parties maintain focus, keep their original vision in mind, and allows them to know where the other currently stands on a variety of issues. Don’t assume you know what your partner is thinking about during any given situation!
Conflict and disagreements are inevitable. Be patient with one another and apply conflict-resolving strategies when possible. Above all, remember to keep that channel of communication open!
Draft a Partnership Agreement
Once you’re ready, you can formally move forward with the partnership by drafting a partnership agreement. Here, you can work out important details ahead of time, including the responsibilities that each partner is tasked with, the division of profits, and the specifics of how the partnership is to be dissolved if needed.
For the drafting and execution of the partnership agreement, the expertise of a qualified legal professional is a must. A skilled business law attorney can help you structure an effective agreement that accounts for your particular needs, as well as verify that there are no mistakes or errors that could snowball into a much bigger issue.
At Egbert & Barnes, P. C., we help clients with a variety of matters relating to business law in PA, and are experienced with overseeing and implementing partnership agreements. If you’d like to consult with us about your upcoming partnership, need help formulating a partnership agreement, or have any other questions for our experienced business law attorneys, be sure to call our offices.
We offer free initial consultations, where you can learn more about what we do.