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Are you prepared for common business partnership problems?

| Oct 2, 2019 | Firm News

You have decided to start a business in Florida with a partner or two. Congratulations are in order, but so, too, is a full lay of the land. The best time to address business issues is well before they happen.

Business News Daily has created a foundation to help you get started. The right tips can keep your company up and running should disaster rear its head.

Day-to-day business operations

There may come a time when you butt heads with your partners about how to run the business, or perhaps someone does not contribute to the business’s success. If so, the best way to tackle the issue is to have a frank conversation about the issue. A plan to redistribute operational tasks could provide a solution, or someone could receive more compensation for doing more work.

Business finances

One way to address money issues before they become issues is to include well-thought-out and thorough ownership rules in your partnership contract. For instance, how will you handle white-collar crimes such as embezzling? Will all partners approve expenses or just one? Do you plan on using profit disbursements to handle your shared and separate tax responsibilities?

Intellectual property

Maybe you base your company around intellectual property. If so, make it clear who owns that property and who can use that property, making sure you put it in writing. This is best established in the beginning stages of forming a business or partnership in the event that the property owner later decides to leave the company and take the property with him or her.

This information is only intended to educate and should not be interpreted as legal advice.

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