July 28, 2014
Reproduced from my weekly ezine, LexAppeal: So you’ve decided that a business partnership is for you. And you have the support of your “very silent” partner (that is, your life partner. Now’s the time to make sure that you cover the bases in your partnership agreement. Sorry to say, but business partnerships have an abysmal failure rate. Higher than the national divorce rate, I might add. One of the major failure factors is not having worked out a partnership agreement and put it in writing. The excuses sing like a common refrain: “But it’s expensive!” “We know each other well – why worry?” “Why focus on the demise of the company? We want it to do well!” The process of putting together a partnership agreement is a key component in your business success, for it encourages (forces) you to come to terms with vital operational issues. Here are the 4Ms that any basic partnership (or shareholders’ or operating) agreement should address: Management. Who is responsible for which “departments” in your company? Finance? Marketing? Internal operations?…
Continue ReadingIt’s no secret that governments (Federal, state and local) are strapped for cash. One of the ways they’re seeking to fill the coffers is by cracking down more heavily on small businesses regarding their use…
Read MoreWhy won’t just any ol’ attorney do? This is the situation: Unlike many other careers/vocations, attorneys have to be specifically licensed to practice law. Licenses are granted by a particular state. That means that we…
Read MoreAre your business plans big enough? Author and entrepreneur Michael Gerber wrote, Businesses fail not because their dream is too big, but because their dream is too small and too realistic to sustain the life…
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I know first-hand that running a knowledge-based service business has unique challenges. It’s so much easier when you have an advocate in your corner. Over the past 25 years, I’ve worked with thousands of New York business professionals who want a legal advisor to guide and support them as they navigate the business world.
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