Partnership Structure

Small Business Consultant · #1 (**permalink**) 10-22-2007, 03:03 PM

We are going to add one more partner to our business which will make 4 total in the past we have been fairly informal about the process and the paperwork documenting the award - what have you done in your businesses?

The Consultant · #2 (**permalink**) 10-24-2007, 10:18 AM

Like your user name! I think the most important advice I can give you is to put a formal agreement together. We even put one together when we had two partners. It forces you to talk about issues that are not easy i.e. value of the firm, what if a partner wants to leave, what if the partnership disolves.

CCC · #3 (**permalink**) 10-26-2007, 08:05 AM

Quote:

Originally Posted by The Consultant

Like your user name! I think the most important advice I can give you is to put a formal agreement together. We even put one together when we had two partners. It forces you to talk about issues that are not easy i.e. value of the firm, what if a partner wants to leave, what if the partnership disolves.

I agree you should talk about all the hard stuff first then it makes it a lot easier down the road if you have any problems

Boston · #4 (**permalink**) 11-05-2007, 06:10 AM

While you are doing it, take the time to go back and redo the contracts with the other partners

Ace · #5 (**permalink**) 11-23-2007, 08:55 PM

Quote:

Originally Posted by Boston

While you are doing it, take the time to go back and redo the contracts with the other partners

I agree now is the time to talk about it.

Redc · #6 (**permalink**) 11-30-2007, 08:21 AM

Quote:

Originally Posted by The Consultant

Like your user name! I think the most important advice I can give you is to put a formal agreement together. We even put one together when we had two partners. It forces you to talk about issues that are not easy i.e. value of the firm, what if a partner wants to leave, what if the partnership disolves.

I couldnt agree with you more, we had some issues because we did not have a formal agreement.

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