Entrepreneurs seeking to launch a New York LLC can expect to face a number of hurdles, but even the most carefully negotiated obstacles will fall short of a company’s goals if the founding partners cannot get along.
Many entrepreneurs launch LLCs with close friends or relatives. Even though the complexities of managing a business can complicate relationships, partnering with someone you know and trust will go a long way in ensuring a healthy business relationship.
“You need to find somebody who's willing to complement you in terms of what you're not able to do,” says Robert M. Donnelly, of New York University’s Stern School of Business, to the Wall Street Journal. “You have to think about this as a marriage. If the marriage is going to be successful, it will be based on complementary skills.”
However, it is also important to consider how running a business can negatively affect a relationship. Jason Mitchell launched an advertising LLC with his good friend and former classmate, Eric Dieter. He soon found that, due to their business connection, their relationship had changed. "The business overshadows the friendship," he told the Wall Street Journal. "Every time we're talking, it's business-related."
To ambitious, career-oriented New Yorkers, this may not be a bad thing. Entrepreneurs should just always remember to weigh the prospects of their LLCs against the prospects of their relationships.
Tags : create an llc, ny
Posted: Sep 28th, 2010