Before you commit to any business enterprise, you should review the risks and benefits of your possibilities with an attorney
The person spending money, almost always needs an attorney. The person receiving money, most often just needs to receive the money.
However, if they are joining a venture, a decision is required regarding the form of business association best suiting their needs. Oftentimes, I leave the decision regarding the form of the business association, to the client's accountant because he is more familiar with the tax issues.
Count on Jay B. Shuster to Handle All Your Business Law Matters
I Work on an Agreement for the Structure of the Organization With You
An agreement is necessary so that everyone knows their duties, responsibilities, and rights to participate in the decision-making process.
The most important issues are,
- What happens when there is a disagreement
- What happens when one wants to leave
- What happens when one dies
It is critical to have an agreement from the beginning when everyone is on good terms, to make the decisions as to what will happen when it is time to separate.