Seven Deadly Legal Mistakes Going Into Business With Other People

Shield Your Money, Relationships & Business Deals--Without Going to Law School

By: Brett Bacon

Narrated by: Virtual Voice

Seven Deadly Legal Mistakes Going Into Business With Others
Shield Your Money, Relationships, & Business Deals—Without Going to Law School
by Brett Bacon, Esq. (over thirty-years of experience as an attorney-at-law)

Starting a business with someone you trust feels natural.
A friend brings skills you don’t have.
A family member offers capital.
A colleague suggests a joint venture.
You agree to split things evenly and get started.
But most partnership problems don’t begin with bad intent.
They begin with assumptions.
Assumptions about ownership.
Assumptions about control.
Assumptions about money.
Assumptions about what happens if things don’t go as planned.

And when those assumptions are never written down, the law fills in the blanks—often in ways you did not expect.
In this volume of the bestselling Seven Deadly Legal Mistakes Series, business attorney Brett Bacon examines the most common legal and structural mistakes that arise when going into business with others, including:

• Forming a partnership without a written agreement
• Assuming 50/50 ownership is “fair” and safe
• Failing to define authority and control
• Accepting money from silent partners or family members without clear terms
• Ignoring buyout and exit planning
• Operating informally and weakening liability protection
• Overlooking compatibility and alignment

These mistakes occur in:

• General partnerships
• Multi-member LLCs
• Joint ventures
• Informal “handshake” businesses
• Family-owned companies
• Friend-based startups
• Silent investment arrangements

Written in plain English, this book does not teach legal theory or overwhelm you with statutes. Instead, it focuses on how partnership problems actually develop in the real world—quietly, gradually, and often between capable people who believed they were making reasonable decisions.

Each chapter breaks down one deadly mistake, explains the governing legal principle, shows how it plays out in practice, and provides practical steps you can take immediately to protect your business.

This is not a law school textbook.
It is not fear-based legal marketing.
And it is not written to sell legal services.

It is a practical guide designed to help you:

• Protect your money
• Preserve important relationships
• Structure shared ownership intentionally
• Avoid preventable disputes
• Recognize risk early—before it becomes expensive

Going into business with someone can be one of the most rewarding decisions you make.
But it should also be one of the most intentional.

About the Author
Brett Bacon is a licensed attorney and entrepreneur with more than three decades of experience working at the intersection of law and business. He has advised business owners, executives, and founders on the legal realities of building, operating, buying, selling, and protecting closely held businesses under real-world conditions.