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Setting up your partnership safely

If you decide to open a business, one thing you have to do is decide on if you want a partnership with another person or several parties. If so, you need to take some steps to protect yourself and your business in the future

Your partnership agreement needs to explain how the business is divided. For example, you may choose to split the profits 50-50, or you may opt to split it in a different way. When you set up your business and partnership, these are a few things to remember to do.

1. Get a good business name

You should both agree on the name and choose something to describe the business. You may not want to use your names, particularly if there is a risk of bringing on others or someone leaving the business. Double check that the name is available for use before you begin to use it.

Next, you should register the name to protect it from other people. You want to make sure your business name is yours alone.

2. Make an agreement

Your partnership agreement is vital to success. It details the rights and responsibilities of each person in the business partnership. Once you do this, you can move on to register your partnership.

3. Get the right licensing

Finally, get your licensing. You want to be on the right side of the law, so always get the appropriate licensing for your business.

With these tips, you'll have a good start on creating your partnership. Taking these steps now can help you avoid trouble in the future.

Source: FindLaw, "Checklist: Starting a Partnership," accessed June 15, 2018

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