Entrepreneurs in New Jersey often have occasion to consider taking on a partner at some point during the life of a business. Partnership discussions may occur at the outset of the venture, but they are just as common later. In any case, business owners and prospective business owners must consider many of the same things when joining forces with another person.
It may seem counterintuitive, but it is important to consider exit strategy even before the relationship begins. Because of the zeal and lofty expectations with which many approach partnerships, this can be akin to considering divorce on the wedding day, but a business relationship is likely to end somewhere down the line. A quality exit strategy should cover as many eventualities as the individuals can imagine, but the big points are division of assets and what will happen in the event that a partner dies.