Business Partnerships
We represent business partnerships in preparing for the so-called “Seven D’s“:
- Death or
- Disability of a Principal;
- Disagreement;
- Disharmony among Principals;
- Departure of a Principal(s) (including retirement);
- Divorce of a Principal; and
- Dissolution of the business enterprise.
All businesses with multiple owners should have a written agreement (partnership agreement, shareholders’ agreement, operating agreement, etc.) that sets forth rules and procedures governing each of the Seven D’s above.
MA state law is insufficient to protect the interests of partners who don’t have a written agreement. Failing to plan for the occurrence of any of the Seven D’s is like walking a tight rope without a net. One slip can ruin your day.
