BusinessHABRocket lawyer 223m partnerspressmanfortune: In the digital age, consumers expect businesses to have websites, mobile apps and other online presences. This gives businesses plenty of incentives to launch an internet presence. However, it also raises a lot of legal issues that need to be addressed before launching one.
These concerns are especially acute for small businesses without extensive experience with contracts and intellectual property. Because of that, many smaller businesses turn to “rocket lawyers”—attorneys who provide minimal services at minimal cost.
That doesn’t mean they come cheap. There are several reasons why your business needs the assistance of a specialist in this area and why it costs what it does. Understanding these factors can help you make better decisions regarding your business and its legal counsel moving forward.
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Rocket Lawyer 223M Partners | Pressman & Fortune LLP
Rocket lawyer 223m partnerspressmanfortune: In the technology sector, growth can be fast and furious. That’s why technology companies are often advised to create special entities called “rocket partners” for different ventures or specific investors. These unique partnerships can help relieve pressure on a company’s balance sheet, prevent an overextended management team from risking personal assets, and offer other benefits. These types of partnerships are usually contractual arrangements between two separate organizations that combine their efforts and resources to further a common goal or achieve a mutually beneficial objective. They can take many forms, but all have the same general structure:>END
What is a Rocket Partnership?
A rocket partnership is a form of contractual partnership between two separate organizations that combine their efforts and resources to further a common goal or achieve a mutually beneficial objective. In the technology sector, it is often used in reference to investments partnerships between an investor and a startup. A rocket partnership is often created when an organization has a significant, high-growth opportunity but limited resources to pursue it. A startup may, for example, have a promising partnership opportunity with a large and well-known company, but may not be in a financial position to pursue it alone. A partnership with the company could be mutually beneficial, but the startup may not have the financial resources or the organizational structure to pursue it as a normal partnership.
Why Create a Rocket Partnership?
Rocket partnerships are created to ease the financial burden of pursuing a large partnership, while allowing two separate organizations to pursue separate objectives. Both parties enter the agreement with their own, but related, goals in mind. For the startup, a rocket partnership serves as an easy way to pursue a large partnership without having to commit its own capital. The investor, meanwhile, gets an equity stake in the startup’s partnership venture.
Advantages of a Rocket Partnership
Rocket partnerships offer many benefits for both companies in the partnership. Startups can benefit by getting access to resources that they may not have been able to secure alone, such as investment capital, or by getting access to expertise they may not have had internally, such as management consulting. Investors may benefit from the lucrative opportunity to earn a return on their investment, while also gaining access to a promising startup they may not have been able to invest in otherwise.
When to Form a Rocket Partnership
When it comes to forming a rocket partnership, timing is everything. You should consider forming a partnership only if and when you are pursuing a partnership with another company and have exhausted other options. You should also only form a partnership with a company that offers a benefit to you, your company, and your customers that you could not have pursued on your own. Be sure to get the timing and terms of your partnership right, too.
How to Form a Rocket Partnership
Forming a partnership with another company can be tricky, especially when the two parties have different goals in mind. Rocket partnerships are no different. But there are several things you can do to make the process easier and more successful. Have a clear understanding of what each party will provide. Having a clear understanding of what each party will contribute to the partnership will help to eliminate any confusion later on.
What Is the Risk of Creating a Rocket Partnership?
While a rocket partnership can offer substantial benefits, it also comes with substantial risk. One of the biggest risks is that you may not be able to achieve the mutual benefit that you agreed to pursue in the partnership. There is always a risk that one party to the partnership may fail to live up to the obligations agreed to in the contract. It is important, then, that both parties enter into a partnership agreement with clear, written terms that both parties understand and agree to.
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