Don’t fall for business partner pitfalls

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As an attorney who helps small businesses, I sometimes have people coming at me several times a week with questions regarding partnerships. So, if you have questions about starting a company with a second person, you’re not alone! As always, it’s best to talk about the potential issues that might arise BEFORE they become major problems.

You have to face reality

It’s normal to be excited to start a business with someone that you’re familiar with, like your best friend. You have a ton of plans, but being realistic about them is your best bet when it comes to making money – and keeping your friendship intact.

What is the reality of a business partnership?

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The reality is that a business partnership is just like a marriage. It’s a legally binding relationship, which means that you each have legal obligations to both one another and your company. You’re going to go through some ups and some downs, and will have to make some hard decisions over time. And you’re going to have to deal with them – just like you would in a marriage.

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