Legal Question in Business Law in New York

Having a good partnership agreement is extremely important. Now things are great and both of you are full of hope and enthusiasm, so such an agreement may not seem important. But, since most startup companies fail, you really need to plan for such an event. Basically, partnership agreements deal with "what if" scenarios. Unlike, what people may think, such agreements do not have to be 50 pages long. An attorney will be able to help you create a succinct agreement that deals with the important issues.

Think of it this way, if you expect to make significant amounts with your friend (you should define significant amounts however that means to you) then you ought to be prudent and protect your investment and have a good agreement in place.

Feel free to contact my office at your earliest convenience.

Roman R. Fichman, Esq.

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I agree with the attorney's answer above. In addition to a strong partnership agreement, you must also consider the type of business entity to form for the endeavor. This is done to limit the individual liability you and your partner wil incur. The partnership agreement will handle the working arrangement between the two of you but, it does nothing further in regard to the protection of the business.