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Do you need a business partner?

If you are starting a new business in Virginia, then you might be wondering if bringing on a business partner is the right move. While a partner can bring in new resources and knowledge, they also introduce some risk because you have to give up some control of the business. It might be the case that you need a lawyer to help you create and formalize the business and write the founding documents, rather than a partner.

A business partner can be beneficial in several ways. For example, they can provide an infusion of funding to help you get off the ground. They also might have experience in your business area, helping you avoid pitfalls and obstacles. However, some tasks are better suited for a lawyer. When you start a business, you need to draw up formal documentation and file it with the state. A lawyer may help you decide what kind of business structure you need and create the right forms.

Think carefully about exactly what your business needs. If it’s connections, a link to new markets, or guidance on how to market and sell the product or service, then a business partner is appropriate. However, if what you need is information on regulations or anything else that touches the law and corporate governance, then a business formation and planning lawyer may be better suited to your needs.

A lawyer is also an objective third party who is hired to work on your behalf while a partner has their own motivation to exercise control in your business. It may be a good idea to have a lawyer when you start a business to handle any and all regulatory matters.