Episode 40 How Do You Protect Yourself in a Business Partnership? Ensure Long-Term Business Success!

Nov 2

Episode Summary:

In this video, we dive deep into the crucial topic of safeguarding your interests in a business partnership to ensure lasting success. Whether you're a seasoned entrepreneur or just starting your entrepreneurial journey, understanding the key strategies for protecting yourself in business collaborations is vital!

In this video, we'll explore essential tips and best practices for:

🤝 Establishing a Solid Partnership Agreement

💼 Clarifying Roles and Responsibilities

📜 Crafting Clear and Fair Terms

🔒 Protecting Your Investments

🚀 Nurturing Long-term Business Growth

Don't leave your business success to chance! Watch this video now to equip yourself with the knowledge and tools needed to safeguard your future in partnerships. Like, share, and subscribe for more valuable content on entrepreneurship, business, and the law.

Main Takeaways:

Essentials to have in place when starting a business with someone:

Have a partnership agreement in place.
Clarity on who is putting in how much capital.
Clarity on who owns the intellectual property.
Rules of exiting the business and non-compete.
Identifying each partner’s individual skillsets and finalizing their formal roles.
How will the ownership be split.
Having separate attorneys to represent the business and each individual partner.
Rules of exclusivity and intellectual property ownership.
Clarity on what it looks like to add new people to the business.
Rules on company voting policies.
Registering for relevant business classifications.

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