1. By Joseph Treff

2.  A member of the New York State and American Bar
Associations, attorney Joseph Treff owns and
operates boutique law firm Treff & Lowy PLLC in
Brooklyn. Focusing on real estate law, he has vast
experience in complex development projects,
corporate acquisitions, and leasing agreements.
Additionally, Joseph Treff helps facilitate short-term
financing and structure business partnerships.
Business partnerships dissolve for various reasons,
including company directional changes and
mismanagement of expectations. Before formulating
a partnership, an entrepreneur should consider the
following:

3.  1. When partnering with another party on a
business venture, a person should treat the
situation as if he or she is working with a
stranger. Creating a partnership agreement with
the counsel of a legal advisor is highly
recommended. The agreement should include
roles and responsibilities, compensation, and
exit clauses.
2. Determine how much time both parties have to
commit to the business. Owning a company
involves more than 40 hours a week and can take
away from personal time.

4.  An entrepreneur must consider if his or her
partner has family and personal events that
may affect contributions to operating a
business successfully.
3. Unlike forming a limited liability or
incorporated company, a partnership puts
one’s personal assets at risk. Further, all
resources put into a business as well as
profits made become jointly owned.