Are business arrangements necessary when starting a new business in Orlando, Florida?
Whether an individual is looking to start a business with a long-time friend, spouse, or even someone they recently met, it is always a good idea for them to hire an Orlando, FL business law attorney who can help them write up a business arrangement that will outline all of the terms both parties are required to abide by along with what each party’s obligations are to the company. Business arrangements are not only important to have in the event of a discrepancy, but also if a couple decides to separate or two partners decide they no longer want to be in business together.
What needs to be included in a business arrangement?
- Each party’s role. It is important to delegate who will do what for the company. Each person should have a set role and all of their responsibilities should be clearly outlined in the business arrangement.If one person is heading the company’s marketing department and another is responsible for accounting, this needs to be written in the arrangement.
- The company’s mission statement. A company should have a clear and concise mission statement and all parties involved in the business should be in agreement with what this is. If one individual has their own vision for the company, it could cause issues down the road and potentially interfere with the company’s ability to grow and profit.
- How decisions will be made. It isn’t unlikely for two business partners to disagree on a matter. Maybe one person is wanting to take the business in a different direction while the other is looking to expand on the services the company offers, both of which will cost the company a substantial amount. Because business partners might bump heads on certain matters, they need to have some sort of process they follow for getting the matter settled. And this is something a qualified business law attorney in Orlando, FL can help them address.
- Finances. Another important part of a business arrangement that must not go ignored is finances. Business partners need to decide who gets paid what, how often, and what will happen to the money that is earned.
Why it benefits to hire an Orlando business law attorney to help write up a business arrangement?
While it is evident that two or more business partners are capable of writing up their own business arrangement, it may not uphold in court in the event one individual decides to challenge it later on or an issue arises. Business arrangements need to be written in a way that adheres to state laws and is clear and understandable. What might be clear to two business owners may not be clear to a lawyer or a judge, and therefore, business owners should consider having an attorney help them write up their business arrangement.
In order for a business arrangement to have all that it needs and is sure to make sense in the event a legal issue arises, it is recommended that business partners retain a business law lawyer who is qualified and capable of helping them draft their arrangement. Legal Counsel P.A. is a business law firm located in Orlando, FL that can help business partners understand the importance of a business arrangement and assist them with getting theirs written up.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]