Browse published articles attributed to Hugh Stewart, with full-archive search.
Before creating a business partnership it is important to understand that it is like any other relationship; it is a marriage between individuals united in the same purpose and mission. And like any other relationship, if there is incompatibility in values or long-term vision or anything that can cause conflict, it will destroy the relationship.
When determining what type of business structure is necessary for your business partnership, one of the considerations needs to be how to protect yourself from the business and from your partners. People considering partnerships generally struggle with the type of entity they should create. Should they create an LLC, an S-Corporation, or Sole Proprietorship? Answer these questions with your professional advisor: What is the business doing that presents risk, what is your role, and what assets are you trying to protect?
After being in business for a year or more, there are bound to be changes in the marketplace and your business. At this point, you (and your partner) need to ask yourselves “Is what I am doing still making sense?” Communications with a Partner