CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Aaron Wolgamott
Financial Advisor
Central Willamette Wealth Management Services
Located at Central Willamette Credit Union
645 Waverly Drive SE, Albany, OR 97322
Phone: 541-918-7553
Email: aaron.wolgamott@lpl.com
May/June 2024
Building a Successful Partnership
Going into business with someone else requires more than just sharing good ideas. For a partnership to succeed, partners must make mutual decisions about the business’s structure, financing and conflict resolution.
On the Same Page?
As a first step, you and your partner should discuss your visions for the business. This might include a timeline for growth and potential changes in the business over time. Shifting goals and priorities may result in the need to restructure responsibilities and compensation in the future.Where Will the Money Come From?
Partners should discuss sources of funding for the business, as well as strategies for raising money in the future. While taking out a business loan may be a viable option, both partners must agree to it. In some instances, one partner may have the personal resources to make a loan to the business. Partners should decide on the terms and draw up an agreement for repayment.Choosing a Business Structure
Review the possible options for structuring your business. An LLC, S corporation and C corporation all have advantages and disadvantages. Your tax and legal professionals can help determine the best business structure for your situation. Also consider whether your business will be structured so that partners share expenses equally, while profits are divided based on each partner’s contributions.What if Partners Disagree?
Differences of opinion are bound to occur, so consider having a plan for resolving disagreements. You may decide to designate one partner to make the final decision. Or you may want each partner to have final say in their area of expertise and then come together to make all major financial decisions.Make Sure You’re Covered
Partners should invest in an umbrella insurance policy that includes liability, property and casualty coverage. Coverage for errors and omissions also protects you against claims of mistakes in professional services. Key person life insurance typically is purchased on the life of the owner(s) or another critical employee. The company is the beneficiary and uses the proceeds to cover the costs of hiring and training a replacement for the deceased person or to pay off debts and close the business.542810-6
Aaron Wolgamott is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Central Willamette Credit Union and Central Willamette Wealth Management Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Central Willamette Wealth Management Services, and may also be employees of Central Willamette Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Central Willamette Credit Union or Central Willamette Wealth Management Services. Securities and insurance offered through LPL or its affiliates are:
The sender and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.