Important advice BEFORE starting a Partnership

My advice BEFORE you walk into a Partnership; establish an understanding and a Partnership Agreement

(it will save you money today, and save you certain misunderstanding down the road)

Best way that I know of, and I’ve been doing this for a long time, is to sit down with whomever you’ve chosen to enter this business with.

While everyone is happy and excited about your vision and the future of your successful business, you need to stop and do the following with your intended partner. see fully in  www.laniacpa.com

Each of you, INDIVIDUALLY and separately, write down what it is that you EXPECT from this business and each other.

What you expect to put into it…

What you expect to get out of it…

What you expect your partner to put into it…

What you expect your partner to get out of it.

Do you expect to work 80 hours a week and your partner thinks that this is a part-time venture?

Do you expect to delay a salary until the business is profitable, but your partner expects a full salary from day 1?

Do you expect your spouse to “help out” in the business, but your partner’s spouse is unavailable to do the same?

Or, worse yet, your new partner doesn’t particularly like your spouse and doesn’t want him or her around?

Work out these things today, before you open the doors.

Now you’ve both separately listed your expected contributions and demands on this new business.

Now, you both (or, all three…etc) sit down and share what you’ve written.

Compare notes.

Compare expectations.

Compare what each is willing to put in and expects to get out of the partnership.

Hash out any differences now.

NOW, my friend, you can visit an attorney to get the partnership agreement drafted.

Making sure that it’s legal and it’s enforceable.

This will substantially cut down on the attorney’s time and YOUR bill for his services.

Joseph S. Lania, CPA
(954) 432-2299

joe@LaniaCPA.comCPA BROWARD CPA BROWARD COUNTY CPA COOPER CITY CPA PEMBROKE PINES CPA DAVIE CPA SUNRISE CPA QUICKBOOKS CPA AUDIT CPA PARTNERSHIP TAX ACCOUNTING ACCOUNTANT EXPERT LOCAL TRUST ESTATES  LANIACPA JOSEPH LANIA CPA

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About Joseph S Lania CPA

Joseph Lania CPA is a firm well-respected for providing prompt, personal and professional service in all of your accounting needs including income taxes, filing all personal tax returns, preparing your business taxes, expert business accounting advice, filing taxes, QuickBooks training and condo tax and audits. Our goal has always been to provide our clients with a higher level of professional service. Our mission at Joseph S. Lania, CPA is to always help our clients succeed in business, while honoring our obligation to the public, all within the framework and standards of our profession. We value our clients, and it shows in the quality of our service. Contact us at joe@laniacpa.com Call us at 954-432-2299
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1 Response to Important advice BEFORE starting a Partnership

  1. If you are thinking of partnering with someone, or if a great business opportunity has presented to you, there is some great insight and instruction on my webpage: LaniaCPA.com.

    Things to do BEFORE agreeing, characteristics that you should look for in a partner, and (shutter!!!) agreements that need to be understood.

    Following my advice, you will TODAY be able to avoid TOMORROW’S problems which all businesses will face at some point.

    Establish a solid foundation and you’ll rest easier knowing that certain vital shareholder/partner distrusts and differences do not become explosive.

    We can help you succeed!!

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