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Trevor A. Farrington, LUTCF®, RICP®
Regional Vice President
Financial Advisor
Equitable Advisors, LLC
93 Worcester Street, Suite 103
Wellesley, MA 02481
Phone: 617-407-2684
May/June 2026
Building a Successful Partnership
Entering into a business partnership requires more than just sharing good ideas. For the partnership to succeed, partners must collaborate on decisions about the business's structure, financing, and conflict resolution.
On the Same Page?
Initially, 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 could require restructuring responsibilities and compensation later on.Where Will the Money Come From?
Partners should talk about funding sources for the business and strategies for raising money in the future. While taking out a business loan might be a good option, both partners need to agree on it. Sometimes, one partner might have the personal resources to loan money to the business. Partners should agree on the terms and create a repayment plan.Choosing a Business Structure
Review the potential options for structuring your business. An LLC, S corporation, and C corporation each have their own advantages and disadvantages. Your tax and legal professionals can help you choose the best business structure for your specific situation. Also, consider whether your business will be structured so that partners share expenses equally and profits are divided based on each partner's contributions.What if Partners Disagree?
Differences of opinion are inevitable, so having a plan to resolve disagreements is helpful. You might choose to appoint one partner to make the final decision or let each partner have the final say in their area of expertise, then come together to decide on all major financial decisions.Make Sure You're Covered
Partners should obtain an umbrella insurance policy that provides liability, property, and casualty coverage. Coverage for errors and omissions also protects you from claims of mistakes in professional services. Key person life insurance is typically purchased on the life of the owner(s) or another essential 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.GE-8877004.1(4/26)(Exp.4/30)
Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in Ut; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal adviceor services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
GE-8877021.1(4/26(Exp.4/30)
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