Partnership with Georgia Business Lawyers – Protecting Yourself

One of the best and worst things about business can be a partnership – are you protected? From forming your business to contract disputes, partner litigation, hiring issues and even personal injury, you need the right Georgia business attorney by your side every step of the way. No one can see the future, but it never hurts to plan ahead. Here we’re going to talk about the importance of working with the right business lawyers in Georgia to protect yourself against litigation and disputes now and in the future.


Before You Start Your Business

If you’re in the early stages of creating your business, you have a lot to think about. You’ll need to know who you’re working with for starters – including their strengths and weaknesses. Will this be a true 50/50 partnership (or 33/33/33, etc.), or does one of you bring more to the table in terms of skills and contacts? The devil is in the details, and having a well thought out plan and understanding how things will really work before you get started is one of the best ways to make sure you have the right foundation for a truly successful partnership.


Always Have an Operating Agreement

A partnership should never be founded on a handshake; working with the right Georgia business attorneys means you’re protected now and in the future. Your operating agreement will provide a strict outline of how decisions will be made, how issues will be resolved and how your business will go. You can either have the default agreement or you can have one customized to your business – whatever you decide, you’ll want to make sure your interests are protected.


Having Issues with Your Partnership?

If you’re already in a partnership and you’re not sure how to resolve your issues, you have a few different avenues for resolution. You can update your operating agreement to something more manageable and equitable for both partners. If one partner wishes to remain in the business while the other wishes to leave, you can buy out your partner’s share in the business. If you’ve become trapped in a deadlocked situation you always have the option to dissolve your partnership – this is not a decision to be taken lightly. This is very much like a divorce; you’ll have to go before the court and the court will decide which partner gets what once the partnership is dissolved.