Partnership Dispute Lawyer Arlington
There are a variety of benefits that going into business with a partner can offer. However, entering into business with another party is sure to be risky, especially without a clear partnership agreement in place. If you and your business partner do not have a clear partnership agreement to refer to, you may find it challenging to work through a number of common issues. Starting any business can be a bit scary, the last thing you want is to set up shop with a rash of worries over your partnership and the success of your business. Working with an Arlington partnership dispute lawyer from Brandy Austin Law Firm, PLLC can put your mind at ease by assisting you and your business partner in developing a strong partnership agreement and a number of other key legal issues.
Advantages of Business Partnerships
Starting your own business can be costly and often feels like a risk. Because of this, many people choose to go into a business with a partner. A partnership, when well thought out and planful, has the ability to provide owners with a number of advantages, such as:
- A partner to assist in the work of starting a business
- There may be more capital available to start the business
- More knowledge and ideas available
- Sharing in the work of business ownership
- Another person who is invested in the success of the business
- There may be certain tax benefits for businesses that are structured as partnerships
At Brandy Austin Law Firm, PLLC, each partnership dispute lawyer in Arlington knows that the idea of starting your own business can seem like a leap. When it comes to going into business with another person, while there may be a number of advantages. You are likely to be worried over how to manage should the partnership go south. Our legal team can support you and your business partner in drafting a partnership agreement to help your partnership run smoothly and provide you with a clear plan to refer to.
The Risk of Business Partnerships
Despite the advantages of starting a business with a partner, like any business, there can be substantial risk involved. One additional factor to consider is the likelihood that you and your business partner are likely to disagree at some point during the life of your business. Conflicts amongst partners can be detrimental to a business. Because of this, you will need to take every step possible to mitigate the risk of a disagreement ruining your business. An Arlington partnership dispute lawyer Brandy Austin Law Firm, PLLC can help you and your business partner to execute a clear partnership agreement that outlines how you will manage the daily operations of your business, manage disagreements, share in profits and plan for the unexpected. We can help you to develop a partnership agreement that includes key factors, including:
- How disputes will be managed
- Establish percentage of ownership
- Division of profits and losses amongst partners
- The length of time the partnership will last
- A clear buy/sell agreement should one business owner want to transition out of the business, retire or upon their death
Business partnerships are incredibly common. When two people have an idea that they would like to bring to fruition, it may feel more realistic to join forces and resources with another person. While two people may have the best of intentions, without the proper planning, partnership disputes may arise. Contact Brandy Austin Law Firm, PLLC to meet with a partnership dispute lawyer Arlington clients recommend so that you and your business partner can draft a clear plan, saving a lot of headaches in the long run.