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24 March 2023

10 Legal Issues to Consider When Having a Business Partner

By Yoel Molina, Esq.

 

E-mail: fd@molawoffice.com and office: 305-548-5020 2655 S.

Lejuene Road, Suite 500 Coral Gables, Fl. 33134

 

 

Choosing a business partner can be a great way to share the workload and increase the chances of success for your company. However, it is important to keep in mind the potential legal issues that can arise when entering into a business partnership. Here are 10 legal issues to consider when having a business partner:

 

  • PARTNERSHIP AGREEMENT: It is important to have a partnership agreement that outlines the roles, responsibilities, and ownership structure of the partnership.

  • LIABILITY: Partnerships can expose partners to personal liability for the debts and obligations of the partnership. Make sure you understand the potential risks and have a plan in place to manage them.

  • INTELLECTUAL PROPERTY: It is important to have an agreement in place that protects the intellectual property of the partnership.

  • TAX ISSUES: Partnerships have specific tax requirements and it is important to have a plan in place for handling 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 and decision-making structure of the partnership.

  • DISSOLUTION AND TERMINATION: The partnership agreement should address the process for dissolution and termination of the partnership.

  • NON-COMPETE AND NON-SOLICITATION: It is important to have provisions in the partnership agreement that address non-compete and non-solicitation issues.

  • DISPUTE RESOLUTION: It is important to have a plan in place for resolving disputes between partners.

  • SUCCESSION PLANNING: The partnership agreement should address what happens in the event of a partner's death or departure from the partnership.

 

As a business and corporate attorney in Miami, Florida, I understand the legal complexities of entering into a business partnership. My firm is rated excellent on AVVO and I have a 5-star rating on Google, which demonstrates my commitment to providing exceptional legal services to my clients. If you are considering a business partnership or are currently dealing with legal issues related to a business partnership, please do not hesitate to contact me to schedule a consultation.

www.yoelmolina.com 

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Please note that this is not legal advice and is considered advertisement. 

 

Law Office of Yoel Molina, P.A.

 

Law Office of Yoel Molina, P.A.

 

Phone: 305-548-5020, option 1

Email: fd@molawoffice.com

WhatsApp: 305-204-9635

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