Recently, I had a talk with an entrepreneur whose partnership was coming to an end. That was his second partnership in three years. And for the second time, the exiting partner was departing to start a competing business. We discussed together the damage control that could be done at that point. But it was also necessary to point out what he could have done differently early on to prevent or bring down to a minimum a partner’s ability, in the case that they decide to leave the business, to take off with his hard work in the business. Unfortunately, many entrepreneurs find themselves in similar situations where they are left in despair due to loss of hard work and revenue.
Because “prevention is better than cure” does not only apply to health, I have put together a five-point checklist which you should ensure to cover when starting a new business, from a legal perspective. If you already have an operating business, you should also have a look and work on adjusting your position, where applicable. Having worked in multiple jurisdictions, I was able to make the checklist applicable to businesses globally, whether it is in UAE, Africa or the US.
For the checklist, please go to https://www.yybadvocate.com/ and click on "Download our Checklist for Startup Business".
Founder and Principal Lawyer