Legal Question in Business Law in Colorado

The most important matter that should be discussed and completed is a written operating agreement. The failure to communicate and appropriately consider your mutual roles and rights may lead to disagreement that may destroy this business. You should collectively discuss your expectations, roles, duties and exit plans and then have that discussion embodied in a clear agreement. This agreement will set the duties, voting requirements and procedures, profit and loss allocations, dispute resolution, and dissolution, among others. Without this written agreement you are left to possibly some vague oral agreement, state statutes and the courts. In short, it could be an expensive and time-consuming mess if there are problems down the road.

You should speak with a Colorado business attorney as soon as possible. I wish the best for your venture.

This answer is for informational purposes only and is not legal advice regarding your question. This answer does not establish an attorney-client relationship.