Starting A Partnership In Florida? A Checklist To Help You Avoid Disputes
Are you preparing to start a business partnership in Florida? If so, there are important steps that you need to take to protect your legal rights and financial interests. No one wants to end up locked in a dispute with a business partner. By putting the right structure in place, you can significantly reduce your risk of internal conflict. In this article, our West Palm Beach partnership dispute lawyers offer a checklist that you can use when starting a business partnership in South Florida.
A Five Point Checklist for Forming a Partnership in Florida
- Make Sure You Have the Right Business Partner(s)
Business is about relationships. This is especially true when forming a partnership. You need to be sure that you have selected the right partner(s) to go into business with. A business partner should be trustworthy, reliable, and they should share your general vision. When business partners expect different things out of the company, it is far more likely that a dispute will arise down the road.
- Create a Business Plan, Decide on a Business Name
When forming a business partnership in Florida, you need to decide on a business name, confirm the name is available, and create a plan to move forward. In many cases, partnership disputes are seeded in the early stages of the company. Proper business planning can help to ensure that everyone is on the same page and that all loose ends are tied up.
- Negotiate and Draft a Partnership Agreement
You should always have a written partnership agreement in place. No matter how much you trust your business partner(s), you can still benefit from a partnership agreement. In Florida, your partnership agreement is the foundation of each party’s legal rights and legal responsibilities. It is best to get a partnership agreement drafted and/or reviewed by an experienced attorney.
- Register Your Florida Partnership
A business partnership should be registered with the Florida Division of Corporations. In doing so, it is crucial that you complete and submit the appropriate legal documents for your specific type of partnership—whether that is a general partnership or a limited liability partnership (LLP).
- Obtain the Proper Business Licenses/Permits
Finally, it is important to confirm that your business partnership has access to all of the licenses and permits that it will need to conduct business operations. You do not want to end up getting dragged into a difficult (and avoidable) conflict because of the lack of a business license or business permit. If you are not sure what types of licenses/permits you need to acquire, an attorney can help.
Speak to a Partnership Law Attorney in South Florida
At Pike & Lustig, LLP, we are committed to finding solutions where others see only problems. With extensive experience providing partnership law guidance and providing legal representation in partnership disputes, we are here to help you find the best path forward. Contact us today for a confidential case evaluation. From our West Palm Beach, Wellington and Miami law offices, our attorneys represent businesses and entrepreneurs all over Southeastern Florida.