Partnerships require cooperation, communication and an understanding of each other. That’s true of both business partnerships and more intimate partnerships. While there are many benefits in a partnership, they all have a potential for disputes, downfalls and dissolution. No matter the type of partnership, it is important to understand how to make it effective and successful.
With regards to business partnerships, formalities are required to ensure this enterprise operates efficiently, the rights of the partners are protected and the responsibilities of each partner are outlined. As such, it is important to understand how business planning and a partnership agreement are vital to ensuring a cooperative and successful partnership.
Creating a partnership
At Cushing & Dolan, P.C., our law firm knows firsthand how effective business planning can help a partnership operate successfully and manage any disputes or business issues that may arise. When creating a partnership in Massachusetts, our attorneys take the time to understand the needs, wants and objectives of each partner and the business. This allows our law firm to structure the partnership with the rights and interests of our clients in mind.
Protecting your partnership
An operating agreement is an essential document to include in a partnership. This helps establish the rights and responsibilities of each partner. When done properly, this can help resolve disagreements or avoid them altogether.
Because Massachusetts law concerning partnerships is rather flexible, it is imperative that the obligations of each partner are established in a partnership agreement. These terms will govern the partnership, providing essential guidance if an issue or legal matter were to arise.
Whether you are in the planning phase of your partnership or have been operating your partnership for years, it is important to take the time to understand your rights and legal options. A legal professional can assess your partnership, providing insight on any questions or concerns you might have.
