A partnership is a popular business formation when two people are going to start a business together. While there may seem to be some advantages to this formation, there are a few things you need to consider.
- Is a corporation a better way to structure the business? – There are several reasons that this may be the case. From tax laws to business decision-making, there are a number of reasons an LLC or another setup may better meet your needs.
- You need to hire an attorney for business formation – While it may seem simple to form a partnership, the partnership agreement is going to impact both the business and your relationship with your business partner from here on out. You want it professionally drafted by a small business attorney who can take time to go over the details with you.
- Plan ahead for emergencies – What happens if one partner decides to leave the business, moves away, can no longer perform their duties, or even dies? You need to make decisions in advance so that the business survives whatever may happen. Plus, you want to protect the family of both partners since they may rely on income from the business for their daily needs.
San Diego’s Small Business Formation Experts
Pokala Law APC can help you to form your business in a way that is advantageous for everyone involved. Plus, we have experience in drafting business partnership agreements. Give us a call today at 1.844.695.1487, or you can request your appointment online.