Starting a business partnership can be one of the most exciting things that you can do for your business. As a small business attorney, we at the Law Office of Frederic E. Waczewski, P.A. in Orlando know the kind of value that a business partner can bring to a new business. However, there are downsides just as there are benefits. By looking at the pros and cons of having a business partnership agreement, you can make a decision about whether a business partnership is right for you. If you are looking for a business lawyer Orlando businesses trust, look no further than the Law Office of Frederic E. Waczewski, P.A.
Benefits and Downfalls of a Business Partner
A business partner is more than just someone who can help you with the day to day of the business. They are someone who spends money just like you to get your business running. Sometimes they may spend more and sometimes they may spend less. Occasionally, the amount they spend may correspond to the share they get in the business. However, some business partners spend a great deal of money and receive only a small portion of the business for themselves. This is also perfectly acceptable. A business partner can bring to the business things that you could not, and skills that you do not have. That is the beauty of having a business partner—that you are never fully alone in the great adventure of starting a business.
However, business partners are not always purely beneficial and those who seek to have a business partner should not expect everything to run smoothly. Your partner may feel that the work that they put in is sufficient for the amount that they earn from it whereas you may feel that they deserve much less in earnings. This alone could cause serious friction in a partnership. Additionally, you have to be certain that your partner will be consistent in their assistance or you risk having a lot of financial liability if they decide to leave without consulting you or speaking to you at any point.
Do You Need a Small Business Attorney?
As a business lawyer Orlando businesses trust, we at the Law Office of Frederic E. Waczewski, P.A. know the value of helping out our clients with their business partnership agreements. These can define the partnership between the two partners and ensure that they have a smooth and easy partnership and that, in the event, one of them does not uphold the terms, there is a way for each of the partners to have a way out. To learn more about how we can help you, contact us today.
The Law Office of Frederic E. Waczewski, P.A. is a small business lawyer located in Orlando. We value our title as a business lawyer Orlando businesses can trust and we work hard to ensure we retain that title. If you have a business partnership agreement you need help with, contact us today to see how we can help you.