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.
Many people who call me find themselves in the frustrating position of not having any “power” in their failing partnership. There are two options.
You find out your partner used the debit card to take cash from the business without talking to you. It’s your firm position that the partners should not take any money out of the business until the business is profitable. Your partner disagrees.
According to Google, “looking for a business partner” is one of the most commonly used search terms. Are you looking for a business partner or an investor? If you can make it alone, you should do so. Read why…
Dealing with business partnership issues is very delicate and personal work. In a 50/50 partnership, I have the interests of many parties to protect. We don’t want to disrupt the business, spark a bigger dispute, or cause more stress. Unlike an attorney, I function on the side of the business to help both parties agree on specific solutions.
If there is no Partnership Agreement in place, the process for getting out of a business partnership is fairly open. That also means that the price and terms are fully negotiable.