Enriching Life Through Innovative Ideas SM

Helping make your partnership a success

Taking the time to find the right business partner can make a big difference. If you have a business partner who does not have a great deal of capital in the business, a partner that might not be as invested, or a partner who is still looking for other opportunities, then it may be harder to keep the partnership together. Partners often look for what is going to benefit them the most, which means they are going to go where the greatest perceived opportunity is.

Choosing a partner

There are a few things to keep in mind when you are seeking a partner. First, while you may want to partner with a relative or a friend, you should also consider people who have similar goals as you. Second, it is also important to consider those who are willing to put in the work necessary to make a partnership successful.

Know what to expect

Roles for each partner should be clearly defined so that each partner understands what to expect from one another. It is far more difficult to disappoint someone or have a partnership go south if all partners are aware of what is expected of them. Partnerships can work if you take the time to establish boundaries, goals, and clear roles for each partner.

Have an exit plan

Partners should also plan an exit strategy in the event that one partner is not able to hold up their end of the partnership or if they simply do not want to be part of the partnership anymore.

Knowledgeable business attorneys can assist you in drafting important corporate documents to establish the partnership. Moreover, in the event that the partnership must be dissolved, a qualified business attorney will be vital in in the winding down and dissolution of a partnership.

 

FindLaw Network

What Our Clients Say

Starting a new business can be a bit scary. Aside from worries of failure, there’s also the hassle of making sure all legal paperwork are properly filed. I reached out to Mr. Wang (Tommy) because of his excellent reviews and reputation and I am so glad I did. He was thorough and meticulous in answering all of my concerns and took time to find out special laws and policies regarding the kind of business I am starting. I could focus on the daily practical side of starting my new office without worry because I felt Tommy was reliable and took my case seriously. My business is opened and it’s all been a smooth start because of Tommy’s help. I have plans to start another business venture in the next few years and I already know I’ll be coming back to Wang IP Law.

The Shindig W.

I came to Tommy for help reviewing a licensing agreement I had secured with a well-known manufacturer. Tommy made sure I understood all the details in the contract and he negotiated with the company to improve my side of the deal. I mentioned to Tommy at my first consultation that we were looking to expand throughout the US and were investing a lot of money to make a big entrance into the market. I did not think I would have my store open so soon but Tommy also has connections with the local area and realtors to help me secure the location for my first store in the Los Angeles area. Tommy works a lot with the local businesses and he understands how to transition from the Asian market to US market. Within 8 months my store was open for business and fully operating. I must recommend Tommy to any business owners looking for help with contracts and improving their side of the deal. Tommy has the knowledge and experience to make sure there is a smooth process to open for business here, and make sure that your company is set up for success.

LI H.

I think Tommy and his team by far considered the best people to work with in my 16 business years. Beside quick responses to all my inquiries, they also done things right and providing very professional solutions. I’m highly recommending Tommy and his firm to all business owners.

Calvin C.

I have been working on my Utility Patent for almost 4 years. I have hired and fired two very reputable IP firms because with all their expertise and reputation for being some of the top firms in IP Law, I felt a lack of connection and care in my product, time and financial investment. Then I found Tommy and his team. Tommy does not waste time. He and his team are professional and extremely thorough. After 4 years, I finally found a legal team that I felt spent the time to really understand the components of my utility patent. Tommy also very mindful of cost and how and where my money would be better spent. I really feel I am in great hands with Tommy and his team. They have been patient with my revisions. And most importantly, they made me feel that they fully understood the importance this patent is to me. It has been a great and comforting pleasure working with Tommy.

G.L.

Read All