Knowledge Is Power.
We Empower You.

Why Should You Seek Legal Advice When Creating A Business Partnership

On Behalf of | Aug 5, 2013 | Business Law

Whether you are the proprietor of a small business or CEO to a gigantic conglomerate, there are certain business activities that definitely call for the use of an attorney. One such activity is the formation of a business partnership. Creating a partnership can serve several advantages, such as allowing the business to take on larger projects that it would not otherwise be able to perform, expand marketing, or share in the cost of doing business.

Operating any type of business partnership will likely include the preparing and/or signing of contracts, leases and other written agreements. The execution of these agreements should not take place until an attorney has looked over them to ensure that there is nothing therein which can be detrimental to the business. Some of these agreements may be forms such as a Non-Disclosure Agreement, a Confidentiality Agreement, a Teaming Agreement, Master Services Agreement, or other legal agreements.

It is imperative to seek the legal counsel of an experienced business lawyer to ensure that the interests of your company are protected. A simple clause that is missed by the eyes of a nonprofessional can cause your company trouble in the future. It is also equally as important to get all agreements in writing. A written agreement provides proof of the agreement, prevents any misunderstanding between the parties, prevents any future changing of terms, and creates an environment whereas both parties remain focused on the goals of the business.

While your business knowledge may be extensive, you can always benefit from another set of eyes looking at your contracts. Remember, even attorneys hire other attorneys to take care of their legal issues. A good business attorney will ensure that all the terms of the contract are intact and your interests are protected.