What should I know before becoming a partner at a small company?

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My answer to What should I know before becoming a partner at a small company?

Answer by Ken Larson:

Ask to see the business plan.

If there is no plan but you believe the business idea or operation has promise, develop a plan with the co-owner(s)

Then write and execute an operating agreement among the partners that identifies roles, % of ownership, who can sign for the business and similar important matters. Y0u may examine a sample agreement free of charge in the BOX at the left margin of the site linked below:

SMALL BUSINESS FEDERAL GOVERNMENT CONTRACTING (SBFGC)

After the above has been completed make sure you are added to the articles of incorporation on file with the state and with the IRS.

What should I know before becoming a partner at a small company?

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About rosecoveredglasses

2 Tours in US Army Vietnam. Retired from 36 Years in the Defense Industrial Complex after working on 25 major weapons systems, many of which are in use today in the Middle East. Volunteer MicroMentor. I specialize in Small, Veteran-owned, Minority-Owned and Woman-Owned Businesses beginning work for the Federal Government. MicroMentor is a non-profit organization offering free assistance to small business in business planning, operations, marketing and other aspects of starting and successfully operating a small enterprise. You can set up a case with me at MicroMentor by going to: http://www.micromentor.org/ key words: "Federal Government Contracting"

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