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.

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

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Three positive attributes of a business partner

| Oct 29, 2020 | Partnership Agreements And Disputes |

A business partner may be able to help your company grow into a thriving and sustainable entity. Ideally, this person will be someone who shares your business philosophy, and will also be someone with whom you get along on a personal level. Even with the right philosophy and chemistry, however, there are additional attributes that can help your partnership thrive.

The right partner won’t have too many personal problems

An individual who is dealing with addiction, a failing marriage or other issues at home may struggle to focus while at work. If your partner has too many personal problems, you may end up shouldering the burden of running the company while your partner spends his or her time doing something other than helping your organization get stronger.

Your partner should have skills that you lack

It is unusual for a single person to have mastered all the different skills needed to run a business. For instance, you may be great at creating spreadsheets but have a hard time developing relationships with customers. In such a scenario, your partner should be someone who is good at developing those relationships while you focus on the administrative side of the company.

A business partner should bring something of value to the organization

Anyone who has an ownership stake in your business should be able to add something valuable to it. For instance, this person may have connections within your industry, a customer list or expertise that few others have.

If you need help finding a partner, a business law attorney may assist you with determining the characteristics that this person should have. After you have found a partner, your lawyer may draw up a partnership agreement or other documents that govern the relationship that you have with this person. Finally, a legal professional may represent your interests if you have a dispute with a fellow owner.

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