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10 LEGAL CONSIDERATIONS WHEN HAVING A BUSINESS PARTNER

16 August 2023

By Yoel Molina, Esq.
 

Email: fd@molawoffice.com | Office: 305-548-5020 2655
S. Lejuene Road, Suite 500 Coral Gables, Fl. 33134
 

Choosing a business partner can be an excellent way to share the workload and enhance your company's chances of success. However, it's important to keep in mind the potential legal issues that can arise when entering a business partnership. Here are 10 legal considerations to ponder when you have a business partner:
 

  • Partnership Agreement: Having a partnership agreement is crucial to establish roles, responsibilities, and ownership structure within the partnership.
     
  • Liability: Partnerships can expose partners to personal liability for the partnership's debts and obligations. Make sure to comprehend potential risks and have a plan to address them.
     
  • Intellectual Property: Having an agreement in place to protect intellectual property within the partnership is essential.
     
  • Tax Matters: Partnerships have specific tax requirements, so it's important to have a plan to handle taxes and accounting.
     
  • Capital Contributions: Partners should clearly define the amount and terms of their capital contributions.
     
  • Management and Decision-Making: The partnership agreement should outline the management structure and decision-making process.
     
  • Dissolution and Termination: The partnership agreement should address the process of dissolution and termination.
     
  • Non-Compete and Non-Solicit: It's crucial to include provisions in the partnership agreement addressing non-compete and non-solicitation issues.
     
  • Conflict Resolution: Having a plan to resolve conflicts between partners is essential.
     
  • Succession Planning: The partnership agreement should address what happens in the event of a partner's death or departure.
     

As a business and corporate attorney in Miami, Florida, I understand the legal complexities of entering a business partnership. My firm holds an excellent rating on AVVO, and I have a 5-star rating on Google, showcasing my commitment to providing exceptional legal services to my clients. If you're contemplating a business partnership or currently dealing with legal issues related to one, feel free to reach out to me to schedule a consultation.