Going into business with another party can be an exciting and potentially lucrative endeavor. Your business partnership may have developed from years of planning with a close friend or family member. It may also be that you have decided to work with another to expand your existing enterprise. Whatever the reason, you will want to be careful in choosing the other party for this crucial business relationship. If this situation, you will need to know how to choose the right business partner.
Shared Goals and Plans
You will want to explore certain subjects before entering into a business partnership with another party. Namely, you need to talk about your goals and plans for the enterprise. In addition, it’s important to discuss and compare your respective ideas for the business and how you plan on supporting its growth. These discussions are crucial, and you will want to be sure to ask the right questions. If you need help or are unsure of the information you need, you should talk with an experienced Florida business attorney. You and your business lawyer can evaluate your business, determine your goals, and develop topics and questions for discussion with your potential partner.
Respective Roles and Responsibilities
Another area that you will want to consider is how you and your partner or partners will be dividing your respective roles and responsibilities. Running a business with another party requires cooperation and a strong sense of each person’s strengths and weaknesses. For instance, you may have strong interpersonal skills that make you the best party to interact with managers and clientele. By contrast, your partner may be better suited to working on operational and procedural matters. If both of you have similar talents, you will want to determine the best ways to collaborate and, if necessary, how to outsource areas where you need support.
Commitment and Liability
When the idea of forming a partnership begins, it can be exciting. At that point, both parties may have a lot of energy and enthusiasm. However, as time passes and the work begins, it will be important that partners remain committed to supporting the business. Therefore, you will want to choose a partner who understands the degree of commitment needed to help the business thrive in both the short and long term.
Another important area to consider is liability. Depending on how you form your enterprise, you may or may not be subject to personal liability for your partner’s actions. Therefore, before selecting a partner and forming your Florida partnership, you will want to discuss your plans with an experienced Florida business attorney. Your business lawyer can help you determine how to protect your interest and mitigate potential partnership liability.
Take Your Time
Choosing the right business partner for your enterprise is crucial to its success. You will want to take the time to evaluate the other party’s fitness for the role. Depending on your circumstance, you may need more time to conduct your due diligence and evaluate your potential partner’s suitability for your enterprise.
Working with an experienced Florida business attorney can help you determine the areas your need to explore to make this important choice. Further, once you have identified the right business partner, you will want to work with your lawyer to develop a formal partnership agreement that protects you and your business.
Contact an Experienced Florida Business Attorney
Attorney Richard Sierra at the Florida Small Business Center assists clients like you with 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 small business 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.