Starting a business may leave a new entrepreneur with feelings of both excitement and fear. While Americans throughout the United States, including many from Henderson and Las Vegas, Nevada, and the surrounding area, are adapting to an ever-evolving economy and fluid business climate, more businesses are starting to pop up to take advantage of new opportunities.
If you are considering starting a joint venture with a new partner or partners, there are several things you should keep in mind. The old proverb, “one and one is more than two” when regarding relationships, including business relationships, certainly holds true. It is important that both you and your partner have a strongly written general partnership.
It is also crucial to have a solid understanding of each partner’s role in the business and how your profits will be split. While you may believe that a 50-50 split of profits makes the most sense, if one side has taken on a heavier workload it could lead to resentment and potential problems down the line. Make certain you try to address potential problems before they occur. You should also come to an agreement beforehand on how any issues will be moderated in the event of a disagreement.
Working with your partner in your new business is not always easy. It is important to have an understanding of business laws in your state to make certain that the start-up company runs smoothly and within the law. If you are experiencing a business dispute with your partner or want to make certain that you proactively avoid future potential disputes, it may be in your best interests to speak with a firm familiar with business law. The efforts you take today may make all the difference in preventing headaches, lost time and lost money down the road.
Source: Entrepreneur, “What to Consider Before Teaming Up With a Partner,” Brad Sugars, Sept. 4, 2017