Legal Considerations When Bringing on a Partner
April 1, 2025
Legal Considerations When Bringing on a PartnerSolo/Partnership – Partnership AgreementLLC – Operating AgreementCorp – Shareholder Agreement / Employment Agreement-Outline the structure and rules of your partnership-
- Designates ownership percentages,
- Establishes roles and responsibilities,
- Provides decisionmaking and profit sharing guidelines
- Prepares for worst-case scenarios-if a partner dies, leaves, dispute resolution, etc.-
Schedule regular partnership meetings, communication ensures everyone is still on the same page - aim for at least quarterly.
Agree on profit distribution-agree upfront to avoid conflicts-according to ownership percentage? Bonuses? Distributions?-
Discuss adding more partners later.
Involve a lawyer to help property structure your agreement, legal protections, all inclusive.
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