20 Questions You Will Wish You Asked Each Other
Most small businesses do not bother to have agreements in place that address the myriad of issues that come up between the owners in every business setting. If you operate as a corporation or LLC , and there is more than one shareholder or member, you face the prospect of a world of pain if you do not have good structural guidelines in place. The pain can take the form of hurt feelings, sleepless nights and beau coup lawyer fees. It is always cheaper to put good business structure in place at the outset, rather than paying lawyers down the road to untangle the mess. In the corporate world, the structural document takes the form of a shareholder agreement, stock redemption agreement or cross purchase agreement, or some hybrid of them. In the LLC world, you need a good operating agreement. Partnerships need Partnership agreements.
Before you sit down with your lawyer, sit down with each other, and at least try to hash out the issues. You may not have good working solutions to many of these, but it is good to get the concepts out in the open. Then, you get a good business lawyer. That is what we do—we help you flesh out structural options. Here, then, are twenty big picture issues that every multi member business should ponder:
Call me now 561-320-7971 and let’s sit together and talk these things through. Time spent now is pain avoided later.