Law Office of Yoel Molina, P.A.

 

Phone: 305-548-5020, option 1

Email: fd@molawoffice.com

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Law Office of Yoel Molina, P.A.

10 Legal Issues to Consider When Having a Business Partner

22 August 2023

By Yoel Molina, Esq.
 

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

 

Choosing a business partner can be an excellent way to share the workload and increase the chances of success for your company. However, it's crucial to be mindful of potential legal issues that can arise when entering a business partnership. Here are 10 legal matters to contemplate when you have a business partner:
 

  • Partnership Agreement: Having a partnership agreement that outlines roles, responsibilities, and ownership structure is essential.
     
  • Liability: Partnerships can expose partners to personal liability for the debts and obligations of the association. Understand potential risks and have a plan to manage them.
     
  • Intellectual Property: Having an agreement that safeguards intellectual property is important.
     
  • Tax Matters: Partnerships have specific tax requirements, so having a plan for taxes and accounting is crucial.
     
  • Capital Contributions: Partners should clearly define the amount and terms of their capital contributions.
     
  • Management and Decision-Making: The partnership agreement should establish 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-Solicitation: Including provisions in the partnership agreement that address non-compete and non-solicitation matters is vital.
     
  • Conflict Resolution: Having a plan to resolve conflicts among partners is crucial.
     
  • Succession Planning: The partnership agreement should cover 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 intricacies 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 clients. If you're contemplating a business partnership or currently dealing with legal issues related to a business partnership, feel free to reach out to me to schedule a consultation.

 

 

www.yoelmolina.com 

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