Deciding to go into a business partnership with another party is something that many business owners and prospective entrepreneurs decide will work best for them. It is important though, to protect both your business and personal interests when you decide to work with a partner. To ensure that you are comprehensively safeguarded, Leiva Law can help. When you work with Leiva Law, a California business law firm, you will have the most trusted and experienced legal counsel at your fingertips advising you on all aspects of your business needs.
Why is an Agreement Necessary for a California Business Partnership?
You are not alone if you believe that working with a partner is the best way to meet your professional objectives. It is true, there are many benefits to working with a business partner including:
- You can add value to your business with a greater depth of knowledge.
- You may be able to increase your capital.
- You can have a sounding board that has an invested interest in your company to run ideas and decisions through.
- You get a support system that keeps you motivated so you don’t give up even when challenging times occur, which will happen.
- You can take on all challenges and decisions with a diverse perspective.
Whether you are going to form a general partnership in California, or a limited partnership, or even a limited liability partnership, it is still wise to have an agreement with anyone you go into business with. If you don’t have an agreement or you do but it is subpar your business partnership is likely to also be weak and be subject to future problems.
If you have a California business partnership agreement and want a qualified and competent legal professional to take a second look at your contract or if you need one drafted, the Los Angeles business formation attorneys at Leiva Law are here to give you the support and assistance you need. The California business formation attorneys at Leiva Law draft, negotiate and examine California partnership agreements regularly. When you work with Leiva Law you can rest assured that the legal arrangement you went into with another party or parties is protecting your rights and interests as well as being enforceable and trustworthy.
A comprehensive California partnership agreement should address the following critical points:
- The financial investment that every party has.
- How much ownership of the business each partner has.
- Distribution rights of each party.
- How much influence each party has when it comes to decision-making and how to deal with a situation where an agreement can’t be made.
- How new partners should be added and if new partners are even allowed.
- How to resolve disputes.
- What to do when the partnership dissolves.
Speak with a Los Angeles Business Attorney Today
Each partnership and business is unique and will need to be assessed individually to ensure that the right California partnership agreement is correctly put into place. To schedule your free consultation with the Los Angeles business attorneys at the Leiva Law Group please call (818) 703-1777 today.