While the Coronavirus (COVID-19) was disrupting everyone’s lives, Palmer Lehman Sandberg worked to achieve a balance – continuing to take care of our clients’ legal needs, while protecting our clients, our employees, and our community (local and nationwide).

As Texas has begun to reopen, Palmer Lehman Sandberg has adjusted accordingly.

  • We are available for in-office meetings, with the following protections in place – while in our building and our office common areas (lobby, elevators, hallways, etc.), visitors must wear face coverings, and maintain social distancing (minimum 6’) as much as possible.
  • We continue telephone and video conferencing in place of face-to-face meetings, for those who prefer it.

As we continue to serve you, we wish everyone safety and good health as together we move forward through these uncertain times.

Please reach out to anyone at our firm via email or phone with any questions or concerns.

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How to approach a business partnership

| Dec 3, 2018 | Partnership Agreements And Disputes |

Entrepreneurs in Texas often need to work with others when getting new ventures off the ground. When considering a partnership, care should be taken to select the right person and to develop a positive and complete partnership agreement. 

Entrepreneur magazine recommends that people should only partner with others if they can completely trust them. A business partnership is a very close relationship that requires a lot of give and take and a lot of trust. It may also be wise to find a way to have a test partnership or working relationship before entering into a formal partnership. This might include one person hiring the other as an employee or a consultant for a while.

Another important element to a good partnership is that both people should bring different strengths to the table so that they balance each other out. One person might have a strong financial background and the other person excels in sales, for example.

According to Forbes, a partnership agreement should clearly outline each person’s responsibilities for the business but also who contributed what funds, materials, customers, time and more to start the business. Compensation plans for each person should be detailed as should the plan for how any difference of opinion between the partners would be solved. Another element that people might not think about is to outline the exit strategy for one or both partners. This should include provisions for unexpected events such as the death or disability of one partner as well as the choice to retire or move to another business.