When New Yorkers go into business together, they typically spend a lot of time preparing.
They draw up a business plan. They lease space, enter into agreements with suppliers, and hire employees. They make sure every “i” is dotted and every “t” is crossed when it comes to setting up the company. What they frequently DON’T do, however, is go over the specifics of their relationship as business partners. This happens most frequently between family members and friends who open a business together, but can occur between any two (or more) parties.
No matter how successful the business becomes, the failure to negotiate a partnership agreement can result in disputes down the line that if left unresolved could result in disastrous consequences for the company the partners worked so hard to build. If the business partners are personally connected as well, such disputes have the power to destroy family relationships, sometimes for generations – in fact, you likely know of at least one family in which that has happened. You DON’T want that!
If you are considering forming a partnership, call us to schedule a consultation regarding drafting a partnership agreement. If you are currently in a dispute with a business partner, call us so that we can go over the circumstances and determine how to proceed. Sometimes a resolution can be reached and the partnership will survive. Other times, it makes more sense to end things. Every situation is different, and we will handle yours with the care and attention to detail that it deserves!