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Why You Need A Lawyer To Form A Partnership

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If you’ve decided to start a partnership in Miami, you already know that it’s always a good idea to cut unnecessary costs. And if you’re examining the expenses associated with starting a partnership, you might be wondering whether you can get away with not hiring a lawyer. At first glance, it might seem like a great way to save money. But what might go wrong if you don’t get help from a legal professional? What are the benefits of working with a lawyer when establishing your partnership?

In the end, the best approach is to book a consultation with a lawyer. During this consultation, you can listen to what your business litigation attorney in Miami has to say. They’ll assess your situation and determine the best possible route forward. From there, you can either decide to pursue that goal further or try to make it work on your own. As you’ll see, there are certain issues that can pose issues if not addressed at the beginning of this process.

A Lawyer Is Not Necessary – At Least Not Technically 

The first thing you need to know is that you don’t actually need a lawyer to form a partnership. Your partnership will still be completely valid if you set it up without the assistance of an attorney. In fact, many people find this process relatively easy.

The Experience

 With that said, many people choose to get help from a lawyer when setting up a partnership for a number of reasons. Perhaps the most obvious reason is that the partners aren’t very experienced when it comes to entrepreneurship. If you’ve never set up a business before, the legal process of establishing a business can be daunting. Instead of wasting time researching the ins and outs of this process, many partners prefer to focus more on developing their business rather than getting bogged down in the legal details.

Choosing the Right Type of Partnership 

A lawyer can also help you choose the best type of partnership for your unique situation. For those who don’t know, there are various types of partnerships to consider, including:

  • General partnership
  • Limited partnership
  • Joint venture partnership

Each option has its own unique pros and cons, and a lawyer can help you choose the type of partnership that is most advantageous for you.

Getting the Agreement Right 

Last but certainly not least, a lawyer can help you craft the ideal partnership agreement. If you try to handle this step on your own, you may find that your agreement doesn’t cover certain things or contain certain clauses. This can lead to difficult partnership disputes later on.

Where Can I Find an Attorney? 

If you’ve been searching for a qualified, experienced Miami business & financial dispute lawyer, look no further than Alhalel Law. Over the years, we have helped numerous entrepreneurs and business owners in the Florida area, and we can guide you towards a great start for your new partnership. With our assistance, you can make sure all of the various details are addressed, minimizing potential legal issues down the road. Book your consultation today to get started.

Sources: 

investopedia.com/ask/answers/100214/whats-difference-between-limited-liability-partnership-and-general-partnership.asp

investopedia.com/ask/answers/041015/which-terms-should-be-included-partnership-agreement.asp

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