Tell me more ×
Answers OnStartups is a question and answer site for entrepreneurs looking to start or run a new business. It's 100% free, no registration required.
up vote 2 down vote favorite

My business partner and I are looking to start a gymnastics school. We have been told by the bank that we need 100% collateral. It is not uncommon for owners to seek parents of current gymnasts to invest in their dream.

What type of lawyer do I need to set up the agreement on the investment and also the business contract between myself and my business partner?

Should my partner and I get seperate lawyers or is one lawyer able to represent us both?

Anyone have advise on the repayment of the investment from our investors?

Thanks in advance!

share|improve this question

1 Answer

up vote 1 down vote

  1. A small business lawyer should be sufficient. Someone with primarily corporate experience should be able to provide the documents you want. When selecting someone, it pays to do your homework and research your prospective lawyers. Speak to several, discuss fees, and pick the best one for the job.

  2. For the agreement between you and your business partner, you really need separate counsel. There is a potential for conflicts, and no lawyer should work for you both on this even if both of you consent. However, for other matters where the business is the client, it is possible a lawyer could represent the business, you and your partner.

share|improve this answer

Your Answer

 
discard

By posting your answer, you agree to the privacy policy and terms of service.

Not the answer you're looking for? Browse other questions tagged or ask your own question.