A small business just starting out needs a "strong three-legged stool to support it," columnist Jeff Cornwall writes. "The three legs should consist of a strong attorney, a CPA and a business banker." Cornwall explains why it's best not to do-it-yourself when it comes to these jobs.
Chris Sloan, an attorney with the Nashville office of Baker, Donelson, Bearman, Caldwell & Berkowitz, weighs in saying that the best way to avoid a nasty business breakup later is with an agreement that addresses issues like decision-making, dispute resolution, what happens if someone dies or wants to leave, and how and when to shut or sell the business. "With a good agreement, you accomplish two things," Sloan says. "First, you avoid a dispute down the road, and second, you have a chance to preserve the personal relationships."
Read the full story at the Tennessean's website: http://www.tennessean.com/article/20110509/BUSINESS/305090019/Startup-entrepreneurs-need-good-business-attorneys