A Video FAQ with Ronald K. Parsonage.
As a practical matter, what you would like to see clients do is establish ahead of time what the responsibilities of each partner are so that they can act appropriately and understand what their responsibilities are with their other partners. In that manner, they can establish whether there need to be adjustments in compensation or other matters can be handled. As a practical matter, they don’t do that; therefore, what we really would hope is to have a clear exit strategy that they could follow by reason of having a buy-sell agreement that would be fair to everyone.
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