Starting a new business often requires building a team of people for the business. Some may be outside consultants, like an accountant, a lawyer and an insurance agent.
But other people may partner with you in running your business. It’s easier to build something new when you have the help and experience of one or more partners. Each of you may have separate specialties that complement the other. One person may be really good at financial management, and another may be good at customer service, or operations.
Making sure that each partner knows and understands their role is critical to your chances of success.
One of the most important things you can do, if you are going to have partners in a business, is prepare a shareholders agreement if you are creating a corporation, or an operating agreement if you are setting up a limited liability company.
An operating agreement or shareholders agreement will say how much money, services, expertise or equipment each partner will contribute to the new business, what everyone’s title and responsibilities are, who makes which decisions, how much of the company you each own, and any plans you may make about being able to buy out a partner in the future, or plan for your retirement.
If you need help setting up your new business, please feel free to call me at (315) 877-1741, email me at firstname.lastname@example.org, or fill out the Contact form at the link above. Thanks very much.