Partnerships Archives - Drafted Legal

3 Differences Between DBA and LLC

by Wesley Henderson | Feb 1, 2023 | Best Practices, DBAs, LLC, Partnerships, Quick Tips, Side Business, Trademarks

Business owners don’t always understand the differences between “doing business as” (DBA) and “limited liability company” (LLCs). Let’s simplify the distinctions by focusing on three differences: liability, legal formation, and marketing. The limited liability company...

How to Choose A Business Partner

by Wesley Henderson | May 4, 2021 | Best Practices, Partnerships, Side Business

First and foremost, make sure you truly need a business partner. Life can be simpler if you are the one in charge and just hire people to perform other services that are needed. At our law firm, we, unfortunately, see that business partners who failed to have the...

How to Create a Partnership in LLC

by Wesley Henderson | Oct 5, 2020 | Best Practices, LLC, Partnerships, Side Business

The Limited Liability Company (LLC) is a popular form of business for good reason – it offers liability protection and flexibility. It has not always been available, but since Congress adjusted the tax code to allow it, the LLC has become the most favored...

3 Steps to Prevent Disastrous Partnership Disputes

by Wesley Henderson | Sep 14, 2020 | Best Practices, Contracts, Partnerships, Side Business

Partnerships can be great. They allow parties to take advantage of each other’s strengths and cover each other’s weaknesses. They allow people to pool together their resources, skills, and networks to achieve more together than they could have achieved individually....

5 Topics You Must Address With Your Business Partners

by Wesley Henderson | Sep 14, 2020 | Best Practices, Contracts, Partnerships, Side Business, Templates

You and a friend or business partner start talking about your great idea. You create an LLC, get funding, and open your doors. Business is going well and you’re even starting to make some money. Things are great . . . until they aren’t. Your business partner’s spouse...

10 Legal Mistakes New Businesses Make (That Are Easy To Avoid)

by Wesley Henderson | Sep 14, 2020 | Best Practices, Contracts, Copyrights, Intellectual Property, Partnerships, Quick Tips, Side Business, Templates, Trademarks, Website

Everybody makes mistakes. It’s part of life. And part of your business journey. Read through the 10 legal mistakes new businesses make to cut down on your unforced errors. The fewer mistakes you make the better your chances that your product or service will take...