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Tarshus said hiring a professional firm to conduct that check can ensure that it is thorough.

The vetting process should also include a criminal background check. In many cases, it may be appropriate to ask your partner to share three years' worth of personal tax returns. 'Even if the two of you have the same vision for a company, if one person has a different set of ethics and principles that they abide by, you might run into some conflicts,' she said. The process should include verifying former employer, and thoroughly checking references with an eye toward understanding how partners conduct themselves in everyday business situations. 'Sometimes, the way that people behave in the workplace is not the way that they behave personally or in their circle of friends,' Tarshus said. Tarshus also suggests running a thorough background check on any prospective partners, and allowing your partner to check on you, even if you think you know each other well. 'Well, if you have a cap built into your company governance document, that would prevent that type of issue from even occurring in the first place.' Do some detective work 'When one of the partners goes out and makes a huge transaction or a purchase, or agrees to spend a certain amount on a project, or to buy equipment, or to sell property or acquire property, the other partner is sitting there going, why would you do that without running it by me first?' Tarshus said. For example, Tarshus typically recommends that partnership agreements include caps on the amounts that partners can withdraw from company accounts. If you will be working with a partner, a written agreement can help head off disputes. 'Before you unlock your door, make sure your legal house is in order,' the organization said in a recent blog post.Īn attorney can help you decide on the right corporate structure, review any contracts that need to be signed, help you manage your risk and advise you on labor laws. The National Federation of Independent Business, the nation's leading small business advocacy group, urges entrepreneurs to hire an attorney early on - ideally within the first 90 days of setting up the business.

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'The partners disagree, or all of a sudden they've got a lawsuit that they're surprised with and they're trying to figure out how to fix things,' said Tarshus, whose law firm is in Buffalo, New York. Although this is an extreme case of a partnership going bad, business disputes can cause enormous damage.

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