Tag: business partnership
How to Choose the Right Partner for Your Business Venture
Posted on January 31, 2026
Illinois law provides default rules for partnerships, but these may not match what you want or need. For example, without an agreement stating otherwise, profits and losses are typically shared equally regardless of each partner’s contribution. A well-drafted agreement overrides these default rules and reflects your actual arrangement.
When Should an Illinois Business Partnership Agreement Be Updated?
Posted on April 10, 2024
The creation of a business partnership requires careful planning and consideration. A well-drafted partnership agreement is crucial for the smooth operation of a business involving two or more partners. This agreement outlines the responsibilities of partners, profit-sharing ratios, and other essential terms. However, as a business evolves, so do its needs and circumstances, making it imperative to revisit and update the partnership agreement periodically. An attorney with experience drafting, negotiating, and executing partnership agreements and other types of contracts can provide guidance on the best ways to keep critical documents […]
How to Choose the Right Partner for Your Business Venture
Posted on February 23, 2021
Selecting a partner to join with you in a business venture is, in many ways, similar to choosing someone to date and eventually marry. In fact, you will probably spend more waking hours in an average week with your business partner than you do with your spouse, making the decision all the more important to get right. And, like marriages, most business partnerships begin with excitement, high hopes, and starry-eyed visions of the future, yet many end with bitterness, acrimony, and broken relationships. In my practice as a business formation […]
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