EP54: 5 Questions to Ask Before Working with a Business Partner

Legally Enlightened with Lisa Fraley

There are so many reasons to work with a partner. It can be AMAZING working with your best friend or a colleague who you respect and admire, but it can be a sticky situation if one of you gets an itch to expand and you both aren’t on the same page. I know it’s not enjoyable to think about splitting up when you’re excited to work with someone else but trust me, you want to get clear about this part up front.

Often a biz relationship is like a dating relationship – or even a marriage. You need strong and clear communication skills, the ability to have difficult conversations, and the desire to give each other the benefit of the doubt and work together for the good of whatever it is you’re creating. To make sure you’re forming the right business structure and relationship, there are 5 questions you definitely want to consider before working with a business partner around key areas of your business like finances, operations, and more.

In this episode Lisa shares:

• The 3 P’s of Business Relationships
• What you need to think about regarding finances
• What to consider about operations
• Why you need to talk now about the ownership of your content
• What type of business structure is best - a Joint Venture or LLC?
• The pros and cons of a Joint Venture relationship
• The pros and cons of forming an LLC together
• What happens if you want to stop working together
• Why a Joint Venture Agreement supports your sacral chakra
• Why forming an LLC is aligned with the third eye chakra

Freebie:Download Episode 54 Tip Sheet

Resources:Easy Legal Steps - download the first book chapter free!

Episode 6 – When Do I Need an LLC?

Episode 20 – 6 Reasons to Go Pro with an LLC or S-Corp

Mentions:

Traffic and Conversion Summit

JJ Virgin’s Mindshare Summit

Marie Forleo’s B-School

Simplero

Kajabi

Infusionsoft

Martha’s Vineyard

Zoom

Skype

Amber Lilyestrom

Stripe

PayPal

Do you still have questions about what you need to consider when coming together with your biz bestie or colleague to form a project or business together? Feel free to reach out to me at [e-mail]. I’m always happy to help you however I can – or, of course, I can refer you to another attorney who can better assist you.