Bouffard, J M

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19 Years

in Business

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Business

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Mon - Fri 9:00 am - 5:00 pm

Corporate Law
People who enter into business ventures together should have a written agreement, signed by all the parties, which sets out how certain difficult situations will affect the business or be treated by the business. Shareholders in a corporation need a Shareholder Agreement, the members of an LLC need an Operating Agreement, and partners in a partnership need a Partnership Agreement. For example, one of the more difficult issues for business partners to resolve without an agreement is how a partner can withdraw from a company when the disagreements between the business partners become so difficult they cannot reasonably be expected to conduct business together anymore. Or, what happens when your business partner dies suddenly and that person's heirs become your new business partner(s). The agreements addressing these issues can be as general or as specific as the parties desire. Having an agreement in place provides invaluable guidance to the business by making what could be a difficult or controversial issue simply a matter of procedure.

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