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Law Office of Yoel Molina, P.A.
10 LEGAL ISSUES TO CONSIDER WHEN HAVING A BUSINESS PARTNER
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 increase the chances of success for your company. However, it's important to consider the potential legal issues that may arise when entering a business partnership. Here are 10 legal matters to consider when having a business partner:
Partnership Agreement: Having a partnership agreement that outlines the roles, responsibilities, and ownership structure of the partnership is essential.
Liability: Partnerships can expose partners to personal liability for the debts and obligations of the partnership. Make sure to understand potential risks and have a plan to manage them.
Intellectual Property: Having an agreement in place to protect the partnership's intellectual property is important.
Tax Issues: Partnerships have specific tax requirements, and it's important to have a plan to manage 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 establish the management structure and decision-making process of the partnership.
Dissolution and Termination: The partnership agreement should address the process of dissolution and termination of the partnership.
Non-Compete and Non-Solicitation: It's important to have provisions in the partnership agreement that address non-compete and non-solicitation issues.
Conflict Resolution: Having a plan to resolve conflicts between partners is important.
Succession Planning: The partnership agreement should address what happens in the event of the death or departure of a partner.
As a business and corporate attorney in Miami, Florida, I understand the legal complexities of entering a business partnership. My firm has 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 considering a business partnership or currently dealing with legal issues related to a business partnership, feel free to contact me to schedule a consultation.
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Please note that this is not legal advice and is considered advertisement.