Have you ever heard the saying: The whole is greater than the sum of its parts? This old adage is often used nowadays to highlight the advantages and opportunities of teaming up with other people in a business context. Realistically speaking, however, a business partnership rarely comes without its risks. If you are thinking about partnering up with others, you should carefully consider both the potential risks and benefits.

As lawyers practicing in the area of business law, we often get asked by our clients how to limit the risks involved in a business partnership. In a rush to get a new business start-up off the ground, the answer can be easily overlooked.