Daily Law Group
P 949-612-2743

Structuring partnerships for success

A partnership is one of the easiest, least expensive business entities to form in California. However, they are also filled with risk if the operational and administrative requirements for each partner are not clearly defined. At Daily Law Group, we have expertise in assisting clients to form and structure their startup business.

There are several steps you and your partner(s) can take to help the company flourish. According to Entrepreneur, defining roles and responsibilities can help create and maintain productive, successful partnerships. Whether you plan to have one partner or several, it is important to have balance. The strongest organizations are those in which each founder brings complementary skills to the endeavor.

Are your long-term goals the same as your partner’s? Is everyone’s definition of a big problem and a small problem similar? It is important to discuss these points and come to a consensus before they become points of contention. When discontent festers, issues can be blown out of proportion and the partnership may be in jeopardy.

Is everyone an equal partner in the business? Do spouses have a role? These questions may not seem important in the beginning, but they may become issues that create dissension between the founders.  

Partnerships require constant work to remain successful. Ongoing communication and support for each other can help keep the business running smoothly behind the scenes. Thinking ahead and formalizing decisions such as delineation of duties, what each person contributes to the partnership and how disagreements are resolved can prevent misunderstandings. Visit our webpage for more information on this topic.

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610 Newport Center Drive
Suite 1200
Newport Beach, CA 92660

Toll Free: 800-491-2712
Phone: 949-612-2743
Fax: 949-258-5555
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