Starting a business with your significant other can sound like a dream or a nightmare depending on the couple. There are just some couples that have very different approaches to business with some being relaxed while others put in long hours of hard work. Couples can be torn apart by working together even if they are not running a business together. There are couples that need time apart and this is given to them while they go to work on a daily basis. Being able to maintain a healthy relationship is going to take work but any relationship takes work in order to be successful. The following are tips to maintain a healthy relationship as well as some things to discuss as a couple in terms of the business.
Keep Certain Times Work-Free Periods
The likelihood of not bringing work home with you are small as there always seems like there is something to do when owning a business. There should be times where no work is discussed whether it is out to dinner or on a short weekend getaway. For those very driven people it might be useful to schedule out times where business cannot be discussed. You will need to relax to rejuvenate to be able to put in maximum effort on a daily basis. Spending a bit of time per day apart is also important whether one partner goes to the gym or the other goes for a night out with friends/employees.
Detail What Will Happen In The Case Of Divorce
Divorce happens and with the added stress of running a business together this is a real possibility. There are couples that get a divorce that continue working together as they are great business partners but terrible in a romantic setting. Most of the time this does not happen so it is important to detail what will happen in terms of the business in case of a divorce. A family attorney in Lakewood California or your area can be a huge help if you have children. These attorneys can help set up a custody agreement that you might not have thought of with the best interests of the children in mind. One partner could also buy the other out of the business. Divorce is tough but having money generated through the business can really soften the blow.
Establishing An LLC To Protect Personal Assets In Case Of Disaster
Establishing an LLC is going to be extremely important so personal assets can not be rewarded due to a business deal going poorly or a former employee suing for wrongful termination. You do not want to lose your family nest egg due to not doing as simple as filling the appropriate paperwork. This can also help come tax time as you do not want to be considered a couple of freelancers. Take the time and spend the money to keep a reliable attorney on retainer as well as this can help mitigate disaster in the case of a lawsuit being filed.
As you can see there are plenty of things that can go right or wrong when running a business with your significant other. Take the time to work on your relationship daily as it is imperative to be successful in the relationship as well as the business.