At the law office of Cori-Lynn S. Webber, LLC, our skilled business attorneys can guide you through the process of creating a partnership agreement to protect all partners involved in the business.
Proper Planning Can Protect Your Business
When two or more people start a business together, they usually have the best intentions and don’t plan for the potential pitfalls that can run a business into the ground. While it is never easy to think about your partnership ending or your business relationship going sour, having an agreement in place can protect everyone’s interests in the long run.
Failing to have a partnership agreement in order could result in significant changes in ownership if a partner passes away or wants to leave the company. A partnership agreement can prevent legal disputes and make sure everyone knows what to expect going forward if potential issues arise or changes within the company occur.
Agreements Can Plan For The Unexpected
Partnership agreements can include how business operations will be conducted, how profits will be used, how they can be split and how the business can be sold. Other items that can be included in an agreement include:
- What happens when a partner dies? Who else would have ownership in the company?
- What happens when one partner wants to leave the company?
- How is equity calculated and how is it split?
- How are buy-sell agreements handled?
Identifying what could go wrong and how potential issues would be addressed now will protect your best interests and prevent future legal disputes. A partnership agreement is very important because it provides rules and stipulations for everyone involved and can even help keep a partnership together.
Business law issues can arise very quickly. Having a properly drafted partnership agreement can keep your business protected regardless of changes in the future.
Contact Our Skilled Business Lawyers
We help business owners in Hartford County and throughout Connecticut. To discuss your specific issues, please call us at 860-683-1525 or contact us online.