A Cleveland Business Attorney Discusses Forming and Managing Partnerships
A partnership is a type of business structure in which one or more people share ownership of a single business. In comparison to other business structures such as a corporation or a limited liability company (LLC), a partnership is the easiest type to create and maintain. For this reason, many business owners choose to stick with the partnership business structure. While the decision as to whether to keep a partnership or change to another type of business structure is one that is completely dependent on the individual circumstances and desires of each business owner, our Cleveland business attorney can provide you with insight into the different types of business structures and help you decide whether a partnership is truly the best decision for both you and your business.
Important Considerations before Entering Into a Partnership
If you are able to create and maintain a business on your own, forming a partnership and bringing another person into your business may not be desirable. However many business owners benefit from having a team of people that can share ideas and bring critical skills to the table that can help the business grow beyond what one owner could do on his or her own. Our Cleveland business lawyer can help you decide whether entering a partnership would be beneficial for your business. Asking yourself the following questions may also help you decide whether a partnership is right for you.
- Are you willing to share your business with another person?
- What does the potential partner offer that can help your business?
- Have you ever worked together before? Do you believe that you can work together? Are your personalities compatible?
- Do you share similar career goals? Do you have a common vision for the business?
- Is the potential partner reliable? Trustworthy? Dependable?
A partnership should not be entered into lightly. If you are considering entering into business with another person, contact our Cleveland business attorney to discuss your business plans and to find out if the potential partner is a fit for both you and your business.
Form Your Partnership with the Help of our Cleveland Business Lawyer
Once you make the decision to enter a partnership, doing so is generally straightforward. The formation of a partnership does not require the filing of papers with any regulatory agency. Rather, the business owners simply must agree to enter into an arrangement where each has a vested interest in the business. While no paperwork must be filed to enter this type of business agreement, every partnership should enter what is referred to as a partnership agreement.
A partnership agreement is simply a written contract between the partners that lays out the ground rules of how the partnership will work. If you have decided to enter a partnership, our Cleveland business attorney can help you draw up a partnership agreement that will work for both you and the other partners.
Contact Our Cleveland Business Attorney
If you are a business owner considering entering a partnership, or if you already have a partnership and would like help managing your business, contact our Cleveland business attorney. Call the Law Office of Shapero & Green at (216) 831-5100 to discuss a plan for forming and managing your business today.