All Together Now: If You’re Not a Solo, You Need a PreNup

Any divorce lawyer, if they could get to a client when they were about to get married, would advise a prenup.  Similarly, and more relevant to the current topic, any business or corporate attorney would tell any partners in a business venture, to make sure to sign a partnership agreement or operating agreement before joining together.  The thesis for both scenarios is pretty similar, in that it presumes the ‘un’happy ending – which no one wants to think about before starting a new journey, even if it’s the most likely outcome.  The fact is that marriages break up, and businesses break up – and, everybody’s better off, if there is agreement on the end, at the beginning. 



Of course, there are a whole lot of other things that need to be managed in a business – which is kind of like a marriage, for the partners.  And so, an operating agreement or a partnership agreement is vital for maintaining that arrangement, as well as closing it down. 

 

So, if you’re starting up a new venture with a new partner, or adding to your existing partnership – or, even if you’ve had a partnership for a while now, and never documented anything – it’s a good time to get a partnership or operating agreements drafted now, and signed. 

 

Take a basic, draft term sheet to a business attorney, and they can handle the rest. 

 

And, if you want a rundown of the common terms included in an agreement, check out this fantastic article on the topic. 

 

. . . 

 

And, if you want a partner, who can help you make the right business management decisions, just reach out to us! 

Through a unique partnership between the bar association and Jared Correia's Red Cave Law Firm Consulting, National Creditors' Bar Association members have access to experienced law practice management consultants at a special discount rate.

To get started, visit Red Cave's NCBA landing page, and start running your law practice like a business.

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