As a business owner in Georgia who may be looking to expand, there are a number of things that you should be aware of. Here at Kaufman & Forman, P.C. understand that you have worked hard to build up your reputation and business, and we are here to help you protect it.
Going into business partnerships can be a good or a bad thing. On the plus side, it can help your business grow. You can reach a larger customer base. You will no longer have to handle every aspect of business management on your own. You will be able to split the burdens and issues, and you will have an extra head at the table when you need to hash out new ideas or solutions.
On the downside, not every business partnership will be a forever deal. You may one day stop seeing eye to eye, which is quite common if one or both of you have different ideas for the direction your company is going in. You may find that your partner is not quite as trustworthy as you may have believed at the start. You may end up in various disputes over monetary issues.
For this reason, it is important for you to protect your assets. You could one day be taken to court by your business partner, and your contractual standings may make you obligated to hand over some of your hard work or your money when you shouldn’t have to. It is important to go into business partnerships prepared for these potential pitfalls, so you don’t end up losing more than you must.