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If you consider that the terms marriage and partnership are often used interchangeably, it should come as no surprise that entering into a partnership, like a marriage, should be done with trepidation, research, and above all, full understanding as to what you are taking on. Unfortunately, many businesses enter into partnerships without treating the transaction with the gravity it deserves and end up on the losing end of some very bad bargains.
Just because bad deals may abound, do not let this stop you from seeking out partnerships and relationships with other firms and businesses. And, if you find new friends with whom you can reach agreements for partnerships, make sure you have an attorney, like me, review the agreements and the underlying deal for potential pitfalls and to ensure that you have as much protection in the agreement as possible. Advising business clients on potential partnerships is one of my many areas of practice. I love helping businesses make these deals and realizing their full potential through partnering.