The Fiduciary Duties of Partners in a Business Partnership
Partners in a business partnership, other than limited partners, have legal obligations to the partnership that are called the Fiduciary Partnership Duties. In this post, we’ll look at these duties and, hopefully, clarify what they mean.
In Mediation Use Sense and Don’t Fight Over Cents
When business partnerships go bad, very often someone wants out. That starts one of two possible processes. The business enters Wind Down and begins the process of closing or the partners start discussing a Buyout.
When Politics and Business Partners Don’t Mix
Unless you are in some sort of political business, you should keep politics out of your establishment completely. Of course, you have freedom of speech, but we are in very contentious times and displays of political or religious positions might be off-putting to to your customers.
Relatives Should Never Keep the Books in a Business Partnership
Even when people get along well, having one partner’s relative handling the books just isn’t good policy. There is an inherent conflict of interest.
Tip for Talking with Your Business Partner
Anyone who starts a business has many hats to wear. Sales, manager, accountant? You will wear them all in a day. Be careful when you talk!