Avoid the “Handshake Agreement”

When any type of business entity has more than one owner, having the proper written documentation is essential. Some entrepreneurs are reluctant to take this step as it may be seen as a lack of trust. On the contrary, written agreements demonstrate good business and are designed to protect all parties involved.

Business owners usually split with one another eventually. Sometimes it is a friendly split, but sometimes it is not. When the business relationship is not in writing, each owner has a different opinion concerning who owns which business assets and how the business should be divided. Having the agreement in writing reduces potential conflict.

Your business is important to you. Let us, at 417 Business & Elder Law & 417 Elder Law, help you protect your business by advising and helping you set up your company, preparing contracts that help protect your interests, or preparing for the sale or transition of your business.

This article was also published in the printed version of the Volume 4 Jul-Sep 2016 Newsletter (PDF).

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