There are several reasons someone may decide to enter into a Florida business partnership. Sharing expenses and responsibilities can be highly beneficial for everyone involved in a common venture. However, this arrangement isn’t suitable for everyone. Therefore, it’s important to evaluate existing and potential partnerships carefully. Here is more on assessing your Florida business partnership.
Evaluating Your Needs
Before selecting a partner or when you have an existing partnership, it’s important to assess your business and its present and future needs. A good place to begin is to determine how having another party involved can benefit your enterprise. What do you need help with? How can a partner support your operational needs? If you have a partner, is your current arrangement serving the business? Are you aligned regarding the enterprise and its future?
Assessing your business and its partnership needs can be complex, and it’s important to work with an experienced Florida business attorney during the process. Your business lawyer can help you look at your entity and determine how adding a partner could help. In addition, if you already have a business partner, your counsel can assist you in evaluating their role and contributions to your enterprise.
Establishing Goals for Your Partnership
When you work with someone else in supporting and operating a business, it’s crucial that you have a shared vision for your enterprise now and in the future. If you have selected a potential partner, you will want to assess whether they agree with and can support your established goals. Likewise, you and your existing partner should be on the same page regarding your entity’s core operations and future plans.
When a business partnership has defined and shared goals, partners can work together to support the entity’s growth. Your Florida business attorney can help you evaluate your enterprise’s goals and identify ways you and your partner can join forces for the good of your shared enterprise.
Sharing Roles and Responsibilities
When selecting or evaluating a business partner, you will want to look at how your business will be or is being managed. This evaluation should include areas such as operations, human resources, financials, marketing, intellectual property, and customer relations. You will also want to include partner involvement and contributions, dividing profits, and decision-making in your assessment.
Your Partnership Agreement
When you decide to go into business with another party, you should clearly establish your relationship and responsibilities in a partnership agreement. Your partnership agreement will contain terms that clarify partner roles and obligations, address dispute resolution, and establish expectations and the ways in which you can end your relationship. By working with an experienced Florida business attorney, you can help ensure that your partnership agreement complies with the law, contains all essential terms, and protects your and your entity’s interest.
Going into business with a partner can be an exciting and profitable venture. However, now every partner will be the right fit. Therefore, it’s crucial to take the time to thoroughly evaluate the potential party. If you are already in a partnership, it’s equally important to periodically take a look at how your relationship is working. Your Florida business attorney can help you assess your partnership and determine the best ways to protect your interests now and in the future.
Contact an Experienced Florida Business Lawyer
Attorney Richard Sierra at the Florida Small Business Legal Center assists clients like you with commercial leasing, business, and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.